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New Retail Center Leverages $5M Loan

HOUSTON-Developer Davis Holdings replaces construction financing with a 20-year loan at an interest rate of about 6%. The fully leased, 32,468-sf Royal Oaks Plaza is the collateral for the GE Asset Management financing.

By Jennifer Brenner Andrade | Updated on December 05, 2003

HOUSTON-A Houston developer of a 32,468-sf shopping center has replaced construction financing with $4.9-million permanent loan from GE Asset Management.

Borrower Davis Holdings LP got a 20-year loan for Royal Oaks Plaza in the Westchase submarket to replace financing from a local bank, John Burke, senior director and senior vice president in Houston for Minneapolis-based NorthMarq Capital, tells GlobeSt.com. The new financing vehicle has a fully amortized term and was floated with an interest rate of about 6%. Burke says it is “moderately leveraged.”

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