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Value-Add Retail Center Swaps for $11M

HOUSTON-A 10-year old center with a 22% vacancy gains a new owner, Fowler Partners Acquisitions. The Larkspur, CA-based investor receives $11.4 million in financing to acquire Atascocita Town Center.

By Jennifer D. Duell | Updated on October 28, 2004

HOUSTON-Fowler Partners Acquisitions has floated an $11.4-million loan to acquire the 103,000-sf Atascocita Town Center in the FM 1960 corridor.

The Larkspur, CA-based investor financed the purchase of the 7000 FM 1960 Rd. West property through CIBC World Markets. The three-year loan offers floating rate debt at Libor plus 250 basis points. The financing includes $850,000 for renovations to the 10-year-old center, which is 78% leased.

According to Brant Smith, a director with Holliday Fenoglio Fowler LP who arranged the financing on behalf of Fowler Partners, several bridge lenders were interested in providing financing for the project. However, the borrower chose CIBC Capital Marketsbecause of an established relationship.

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