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$5M Loan Funds Another 11 Stores

HOUSTON-Buchalter Co. of Tuscaloosa, AL kicks off a second building wave in South Texas of Dollar General stores with a floating-rate, one-year loan from Hibernia Bank. The financing, along with 10 started last year, is leveraged by 10-year corporate leases.

By Jennifer Brenner Andrade | Updated on May 17, 2004

HOUSTON-The Buchalter Co., a Tuscaloosa, AL-based merchant developer, has secured a $5-million loan to build another nine to 11 Dollar General stores in South Texas. The corporate-leased locations are tied down with 10-year leases.

Scott Bryant with Live Oak Capital Ltd. in Houston arranged a one-year, interest-only loan with Hibernia Bank, formerly Coastal Banc of Birmingham. The floating-rate loan kicked in at sub-4.5%. The package is embedded with an option to convert to a two-year, fixed-rate, interest-only loan after the one-year term expires, he explains.

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