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HOUSTON-Locally based D. Covington Family Trust has acquired Windsor Plaza Shopping Center for $2.5 million from a local developer. The trust obtained $1.9 million in permanent financing to claim the 16,250-sf center.
Des Moines-based Principal Financial Group Inc. provided the 10-year, fixed-rate loan, which boasted a sub-5.75% interest rate for the acquisition of the one-year-old center at 13180 FM 529. The financing was roughly 75% loan-to-value, according to Jim Adams, senior vice president and branch manager of GMAC Commercial Mortgage Corp.'s Houston office, who teamed with Allan D. Dannatt and Jude C. Hopkins to structure the financing.
"There were a number of lenders that were interested in financing the deal, but because of the size of the loan, Principal's small loan program had the best economics," Adams tells GlobeSt.com, adding Principal's familiarity with Houston makes it easy to get a loan closed.
Windsor Plaza Shopping Center is fully occupied by seven local retailers, including a chiropractor and bakery on three- to five-year leases. "It's very clean and shiny center in a growing area with a lot of housing and employment activity," Adams says.
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