(For more retail coverage, click GlobeSt.com/RETAIL.)
LEWISVILLE, TX-Vista Ridge Marketplace, a four-year-old, 90,122-sf shopping center in one of Greater Dallas' fastest-growing suburbs, has been refinanced with a $17.2-million loan from New York-based Goldman Sachs Commercial Mortgage. The 10-year securitized loan at a fixed-rate interest is being amortized over 30 years.
Under terms of the loan, Owen Holdings Inc. of Dallas will make interest-only payments for the first four years of the loan. Trey Morsbach, senior managing director in the Dallas office of Holliday Fenoglio Fowler LP, negotiated the financing package for the borrower.
Morsbach says the lender has placed almost a non-risk loan for a center in a 90,000-household trade area. "Vista Ridge Marketplace is located in a prime retail area of Lewisville containing more than three million sf and boasting traffic counts of more than 200,000 vehicles in a 24-hour period," Morsbach says.
The center is at Interstate 35 and Texas 121, about 20 miles northwest of Downtown Dallas. The two-building property is 94% occupied by 10 national and regional tenants. Anchor Best Buy occupies 44,848 sf.
In an unrelated transaction in Lewisville, John W. Rose, managing director in the Dallas office of HFF, arranged joint equity for Lake Vista Pointe, a 162,395-sf speculative office development on 14 acres at the corner of Interstate 35 and Texas 121, not far from Vista Ridge Marketplace. Rose tells GlobeSt.com principals in the deal asked him not to disclose the estimated development cost of the project nor the amount of equity involved. The principals are Holt Lunsford Commercial Inc. and Sarofim Realty Advisors. The spec plans for Lake Vista Pointe call for a two-story office building suitable for large back-office users that require an increased parking ratio.
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