Jeff Knowles, managing director of the Houston office of HFF, represented Covington Realty Partners in the loan transactions. "All four properties that were financed were all different sellers. They were all the same buyer and they were all done as different transactions," he says. Knowles said he could not disclose cap rates for the sales or the loan to value amounts for the loans.

Cameron Crossing, a 366,881-sf regional shopping center at the southwest corner of US 75 and US 380, was purchased from Dallas, TX-based Hunt Properties Inc., which developed the shopping center. The center, which was completed in 1999 on a 35-acre site, is currently 94% occupied. Tenants include Home Depot, Best Buy, Ross Dress for Less and PetSmart. The average lease rate for the anchor tenants is "$10 per sf and below" and the average lease rate for the other tenants is in the "low 20's" per sf, Knowles says. Covington received a $33.5 million acquisition loan with a 5.61% fixed-rate for a term of 10 years and a $7.0 million mezzanine loan for Cameron Crossing.

First Colony Commons, a 410,117-sf multi-anchored shopping center at the intersection of U.S. 59 and Williams Trace Blvd., was purchased from Weingarten Realty Investors, based out of Houston, TX. The center, which was completed in 1992 and nearly 38 acres, is currently 93% occupied. Tenants include Home Depot, Office Depot, Conn's Appliance, Michaels and Babies R'Us. The average lease rate for the anchor tenants is "in the single digits" between $8 per sf and $10 per sf while the average rate for the other retail is between $23 per sf and $27 per sf, Knowles says. Covington received a $50.6 million acquisition loan with a 5.73% fixed rate for a term of 10 years and a $9.5 million mezzanine loan for First Colony Commons.