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Rivery Construction Flows With $11.5M Loan

GEORGETOWN, TX-Site work begins on the 33-acre Rivery Towne Crossing, a 75,000-sf joint venture project of Weber & Co. and Today Realty Advisors. The construction loan has an 18-month term and two six-month renewals.

By Tim Green | Updated on November 08, 2002

GEORGETOWN, TX-An $11.5-million construction loan has been secured for Rivery Towne Crossing, a 75,000-sf retail development at the southwest corner of Rivery Boulevard and Interstate 35. Site work is underway with delivery planned for late summer or early fall next year.

Scott Lynn, principal of Metropolitan Capital Advisors in Dallas, arranged the financing through North Houston Bank. The loan has a floating interest rate over LIBOR, but Lynn declines to disclose the spread. It has an 18-month term with two six-month renewals.The 33-acre Rivery Towne Crossing is a joint venture development of Weber & Co. and Today Realty Advisors, both of Dallas. The developers bought the parcel earlier this year and sold portions to Home Depot Inc. and Wal-Mart Stores Inc. The 205,045-sf Super Wal-Mart and 115,828-sf Home Depot are under construction.

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