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Trust Antes Up $3M for 16,250-SF Retail Center

HOUSTON-The D. Covington Family Trust puts up $2.5 million for Windsor Plaza Shopping Center. The deal closes with a $1.9-million loan with a 10-year term and sub-5.75%, fixed-rate interest.

By Jennifer D. Duell | Updated on June 07, 2005

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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.

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