"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."
The bottom line, Knight tells GlobeSt.com, is the JPMorgan team understood the dynamics of the area and went ahead with the deal despite the center's size and the fact that its tenants--Pure Beauty, Keedo Kids and clothier Tony Whitaker Inc.--are all on three- to five-year leases. Priske-Jones Investments' loan has a 10-year term, sub-5.5% interest rate and 30-year amortization schedule, according to Knight.
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