10-Year Loan Completes Bank Building Takeover

DESOTO, TX-Options Real Estate Investments Inc. has secured $3.5 million in a permanent, fixed-rate interest vehicle to replace a short-term bank note for the 68,000-sf Inwood Bank Building in Desoto.

The financing is a non-recourse mortgage with a 6.5% interest rate funded by Omni American Credit Union in Fort Worth, Todd McNeill, senior director of Metropolitan Capital Advisors in Dallas, tells GlobeSt.com. He says the loan supported a dissolution of a single-asset partnership and rolled full title to the Dallas-based Options Real Estate, which leased and managed the 98%-occupied building at 1801 N. Hampton Road since 1995. The 10-year loan, with a 75% loan-to-value ratio, replaced a bank-financed seller’s note held since 1992 when Options bought out its joint venture partner in class B-plus, 20-year-old office building, according to McNeill.