Brant Smith, director with the Houston office of Holliday Fenoglio Fowler LP, tells GlobeSt.com that the sub-5.5% fixed-interest rate on the new loan is "substantially lower" than the previous financing. The loan has a 10-year term and 30-year amortization schedule. The quartet is fully leased.

The refinancing covered the 26,773-sf New Territory Center at 5022 Highway 90A and 24,375-sf First Colony Center, at 1730 Williams Trace Blvd., both in Sugar Land; 10,000-sf West Oaks Center at 2838 Texas 6 South in the Westchase submarket of Houston; and a 9,840-sf center at the intersection of Jones Road and Texas 249 in the northwest submarket.

Smith says the New Territory and Jones Road centers previously were financed through local banks and the other two through life insurance companies. The borrower is the developer of the properties. Smith says JPMorgan Mortgage Capital was chosen over other lenders because it agreed to an 80% loan-to-value ratio versus 75% offered by others.