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West Side Shopping Center Gets $4M Loan

HOUSTON-The developer, WPW Management, secures the capital for Westbridge Plaza from GE Capital Real Estate. The 10-year term, with 5.98% interest, represents a 75% loan to value for about 29,000 sf of retail space.

By Jennifer Brenner Andrade | Updated on July 20, 2003

HOUSTON-A Houston developer, WPW Management Corp., has replaced construction financing from a local bank for Westbridge Plaza in West Houston with a permanent loan of nearly $4 million from Stamford, CT-based GE Capital Real Estate.

The loan has a 5.98% interest rate, 10-year term and 30-year amortization schedule, Buddy Hopson, senior vice president with Kinghorn, Driver, Hough & Co. in Houston, tells GlobeSt.com. The loan represents a 75% loan-to-value ratio.

Hopson, who arranged the financing, says the developer owns half of the 58,914-sf center, sitting on 10.5 acres at the intersection of Beltway 8 and West Road. The other half of the retail space once housed an H-E-B grocery store, but it has relocated to a larger store and backfilled the estimated 29,000 sf with a 99 Cents Only shop. The two-year-old shopping center is 92% occupied, with a McDonald’s restaurant tied to an out-parcel ground lease. Other tenants include State Farm Insurance, Texas Flooring and Square Donuts.

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