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2/08/16
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Quantum Capital has arranged $22.15 mil in long-term, non-recourse debt to refinance regional shopping centers in Texas, in two separate deals. The transactions were made on behalf of different, L.A.-based borrowers.
In the larger of the two financings, Quantum secured for a Los Angeles-based investor operating as TRT-QL Frisco LP, a $12.9 mil, non-recourse permanent loan to replace the maturing debt on Frisco Plaza, a 62.5k sf retail center in Frisco, TX. Located at Preston Rd and Hwy 21, the property benefits from its prime location across the street from General Growth Properties’ 1.6 msf Stonebriar Centre, the primary retail destination in what is one of the wealthiest and fastest growing suburbs in Dallas. The loan required overcoming lender concerns that a single special-use tenant represented a large percentage of the rent roll.
In the other deal, Quantum secured a $9.15 mil permanent loan for another Los Angeles-based investor, operating as Rancho Sunset Plaza LP, to refinance Sunset Plaza a 90k sf, regional power center in the West Texas city of San Angelo. The asset is located on Sunset Dr at Hwy 67 and Loop 306. It is situated in the center of one of the most active retail areas in San Angelo, with approximately 1 msf of shopping and entertainment space within one square mile. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross. Other major retailers in the area include Lowe’s, Walmart Supercenter, Sam’s Club, Dillards, Home Depot, and Best Buy.
Both fixed rate loans were underwritten at 75% LTV and priced at approximately 250 basis points over the 10-year swaps. The financings also included three years interest-only, a difficult task given the properties were located in secondary markets.
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