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Shopping Center Gets $10M in Permanent Financing

HOUSTON-Construction debt has been retired at the Center at Fuqua, 103,282-sf shopping center, and replaced with a $10.2 million loan from GE Asset Management.

By Jennifer Brenner Andrade | Updated on October 30, 2003

HOUSTON-The Center at Fuqua, a six-building, 103,282-sf shopping center here, had its construction financing retired with a $10.2 million, fixed rate, non-recourse loan from GE Asset Management Inc. of Stamford, CT. The moderately leveraged loan has a 12-year, fully amortized term. The interest rate, which was described as “competitive” was not disclosed.

The loan was arranged by John Burke, senior director/senior vice president with the local office of NorthMarq Capital Inc. The borrower, 12800 Fuqua Ltd., is a private, locally based investment group with a portfolio of retail and industrial product.

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