The 10-year loan from Column Financial of New York City amortizes over 30 years at a sub-5.4% fixed-rate interest, Cortney R. Cole, associate director in Houston for Holliday Fenoglio Fowler LP, tells GlobeSt.com. She says borrower Hinds Banner LLC of Houston used the funding to retire short-term acquisition financing for the 117 Highway 332 property. The refinance cleared with a 70% loan-to-value ratio.
The nine-year-old center is 95% leased to Petco, Blockbuster Video, Hollywood Nails, Advance America, RadioShack, Hertz and UPS. The center's rents average $15 per sf, with some leases pushing $18 per sf, versus a $10 per sf to $12 per sf for nearby competitors. "Lake Jackson is one of the newest developments in the area, is well occupied, and sets the upper range in terms of rental rates in the neighborhood," she says in a press release.
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