By Liviu Oltean, Associate Editor
Berkadia has helped a retail property in Texas find its financial footing.
The New York City-based commercial real estate company has secured $29.8 million in financing for the Denton Center, a 314,157-square-foot retail property located in Denton, Texas. According to the company’s announcement, the center is currently 95 percent leased and includes tenants such as Kroger Signature, Planet Fitness, Drug Emporium, Sally Beauty and Movie Tavern.
Managing Director Joseph Hevey of Berkadia acted on behalf of the borrower, RPI Denton Center Ltd. The latter will use the proceeds of the loan to refinance existing debt on the property and to accommodate Movie Tavern’s expansion, which plans to double its footprint and screens at the commercial center next year. The financing was obtained through Goldman Sachs and comes with a ten-year maturity date.
“This transaction combined attractive real estate—given strong tenant performance and close proximity to local universities—and competitive financing,” Hevey said in a prepared statement. “Our team worked with various lenders to find the right financing options and facilitated an efficient loan closing process, which lasted approximately six weeks after the formal application was signed.”
Image courtesy of Berkadia