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$32M Permanent Loan Clears for New Project

SUGAR LAND, TX-The 164,057-sf RiverPark shopping center secures a $31.8-million loan from GE Capital Real Estate to replace construction financing. The center's 95% pre-leased status helps in securing the 10-year loan.

By Jennifer Brenner Andrade | Updated on November 12, 2003

SUGAR LAND, TX-Though still under construction, the RiverPark shopping center at the corner of US Highway 59 and Grand Parkway in Fort Bend County has secured $31.8 million in permanent financing from GE Capital Real Estate.

The Ainbinder Co. of Houston is the developer of the property. James S. Adams of Kinghorn, Driver, Hough & Co. in Houston arranged the financing for the 95% pre-leased project.

“This was one of the most structured fixed-rate permanent loans we have ever negotiated,” Adams says in a press release. “GE funded all of the 80% loan-to-value loan proceeds at closing while tenants, who would amount to approximately 20% of the rental income, were not in occupancy and construction was still in process.” He credits the win to the lender’s flexibility, the project’s quality and the developer’s reputation.

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