Daily Archives: October 28, 2019

Closed: Grocery-Anchored Retail Center in Metro Houston

Q10 KDH Vice President Matt Franke and Associate Michael Borden arranged debt for the acquisition of a grocery-anchored shopping center. Matt and Michael worked on behalf of the borrower to obtain a competitive fixed interest rate with a correspondent lender.

“We were engaged by the purchaser to obtain acquisition financing for this 115,000 square foot retail center in Pasadena, Texas,” Matt said. “Although many lenders wrongly perceive retail as being a poorly performing asset class, our correspondent lender, Securian, sees strong market fundamentals in well located properties such as Fairmont Junction. The property is anchored by a 42,000 square foot El Rancho grocery store that is rapidly expanding in Houston, and their new 10-year lease will draw customers to the property. Securian was able to underwrite and successfully fund the loan even though the anchor tenant was still building out their interior finish and not scheduled to open until 2-3 months later.”