DALLAS--Berkadia has announced the recent origination of H Mart Town Center, a grocery-anchored retail property in Plano.
Managing director Joseph N. Hevey Jr. of the Dallas office secured the $18.4-million refinancing through Morgan Stanley Bank NA.
"Our team's vast retail property expertise and deep knowledge of the greater Dallas area allowed us to efficiently navigate the loan closing process," Hevey told GlobeSt.com.
The loan features a 4.81 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center Ltd. will use the loan to refinance existing debt on the location.
"The asset's appeal is bolstered by its attractive location and solid roster of tenants," Hevey says. "Berkadia successfully provided numerous financing options for the borrower amid a highly volatile CMBS market, and the lender held to terms."
Located at 3420 K Ave., its tenants include H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres of land, is currently 94 percent occupied and less than two miles north of downtown Plano.
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