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Tulsa Developer Secures $30M for Retail Project

JENKS, OK-Original lender provides $18.5 million takeout for completed 125,000-square-foot phase I of RiverWalk Crossing and $10.4 million to build phase II.

By John McCloud | Updated on December 30, 2008

JENKS, OK-Against challenging odds, Tulsa, OK-based Jerry R. Gordon Development secured $28.9 million in financing to complete RiverWalk Crossing Shopping Center, a 250,000-square-foot, lifestyle and entertainment project along the Arkansas River in this Tulsa suburb. Dallas-based Metropolitan Capital Advisors Ltd. arranged a $17.5 million “mini-perm” first mortgage and $1 million mezzanine component for the already completed first phase and a $10.4 million construction loan for the second phase. The project is located at 300 RiverWalk Terrace.

“Getting the loan was a colossal task,” says Todd McNeill, a senior director with MCA. “A $30 million commitment is almost unheard of in this market. We had to go through many gyrations with the lender, but we got it done.”

McNeill will not reveal the name of the lender, but he says it is the same regional Texas bank that provided financing for phase I. A records search shows the original construction loan was provided by Dallas-based American National Bank of Texas. Though the MCA exec says the lender indicated at the time of the first loan that it would provide a Phase II construction loan, the subsequent changes in the economic climate made the deal less than certain.

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