Search
 

Trade Area Helps Win $2M Refinance

HOUSTON-The Rice University/West U's topnotch demographics help the owner of a 7,908-sf shopping center garner financing from JPMorgan Mortgage Capital. Priske-Jones Investments' new vehicle is a 10-year loan with a sub-5.5% interest rate.

By Jennifer Brenner Andrade | Updated on March 26, 2004

HOUSTON-The strength of the trade area has helped the owner of University Corner, a 7,908-sf shopping center at 2403 Rice Blvd. near Rice University in southwest Houston acquire a $1.7-million loan with a 75% loan-to-value ratio from JPMorgan Mortgage Capital of New York City.

“University Corner has a very high loan per sf for a small unanchored strip center, but this is mitigated by the superb location within the Rice Village,” Tucker Knight, associate director with the Houston office of Holliday Fenoglio Fowler LP, said in a press release about the financing for the local owner, Priske-Jones Investments. Knight, who arranged the financing, says Rice Village near the West University trade area has a “small-town feel with a big-name variety that makes this constantly evolving retail mecca a popular shopping destination.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.