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$7M Loan Closes for 58,000-SF Retail Center

HOUSTON-The developer of the Gardens Shopping Center at 15125 North Freeway rolls construction financing to permanent, landing a 15-year loan with a 5.8% fixed-interest rate from Thrivent Financial for Lutherans.

By Jennifer Brenner Andrade | Updated on April 05, 2004

HOUSTON-The developer of the 58,000-sf Gardens Shopping Center in northwest Houston has replaced construction financing with a $7.4-million loan from Minneapolis-based Thrivent Financial for Lutherans.The fully amortized, 15-year loan has a 5.8% fixed-interest rate and loan to value ratio of 67%, a spokeswoman for the Houston office of Q10/Kinghorn, Driver, Hough & Co. tells GlobeSt.com about the financing for the 9.9-acre development at 15125 North Freeway in the Greenspoint-FM 1960 submarket. The borrower of record is a local investment group, Gardens-I45 Ltd., which replaced construction financing from a local bank with the loan. Loan negotiations began while the center was still under construction. The retail space started turning in January for tenant finish-outs with phased-in store openings.”Thrivent was understanding of the borrower’s leasing requirements and worked closely with them to structure the transaction in such a way that would allow them to close the loan and extend the necessary time to completely lease the property,” Ray Marshall, a loan arranger in Kinghorn’s Houston office, said in a press release. To date, 90% of the center has been leased, according to the spokeswoman.The spokeswoman says Trivent and the borrower closed other loans so the lender was comfortable pulling together permanent financing while the project was steaming toward completion and lease-up. In fact, she says leases were being signed in sync with the closing for the capital package.The Gardens shopping center, positioned in a rapidly growing retail trade area, has a high percentage of restaurant tenants to meet demand from the business crowd in Greenspoint-FM 1960 corridor. The tenant roster includes Boudreaux’s Cajun Kitchen, Slick Willies, Marble Slab, Texadelphia, Tokyohana and Wings-N-More.

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