Levcor Refinances Houston Entertainment Center
JLL's Capital Markets team secured the $68 million loan, which will recapitalize existing debt. LoanCore provided the non-recourse, floating-rate financing.
Levcor Inc., the owner of the Marq*E Entertainment Center, is refinancing the Houston complex with a $68 million loan secured by JLL’s Capital Markets team from LoanCore. The non-recourse floating mortgage will be used to recapitalize existing debt and provide capital to continue upgrading the mixed-use property at Interstate 10, Katy Freeway and Silber Road.
Levcor has owned Marq*E Entertainment Center since June 2014, when an entity known as HCL-MarqE LLC acquired the asset from a joint venture of Canyon Capital Realty Advisors and Fidelis Realty for $79.6 million. The Canyon-Fidelis ownership group, which had owned the property since 2006, had retained JLL to facilitate the sale and JLL also arranged acquisition financing for HCL-MarqE.
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Built in 1999, a parking garage was added to the entertainment center in 2003. It has since been redeveloped to create an open-air theme that has proven to be more popular with visitors. The complex is currently 94 percent leased to more than 30 entertainment, retail and restaurant tenants including Dave & Buster’s, L.A. Fitness, Edwards Cinema, Chick-Fil-A, Bank of America and Panda Express.
JLL Managing Director Jimmy Board along with Tom Melody, Tom Fish and Wes Wallace led the team representing Levcor in the transaction. Board noted the Marq*E center has consistently drawn in crowds from across the city and is considered a stable asset. He said Levcor’s future plans, along with the reconfiguration and redevelopment that has already been completed, will further enhance the site.
Tenancy boost
Last year, the owners announced the center was bolstering its tenant mix by adding Hugh O’Connor’s Irish Bar & Restaurant, Dolce & Café and Maine-ly Sandwiches along with Soccer Hub, a state-of-the-art soccer training facility. Geared for youth interested in playing or learning about soccer, the indoor training center contains a FIFA-approved surface.
Two years ago, a JLL Capital Markets team that also included Board, Fish and Melody secured $78 million in bridge financing on behalf of Levcor to refinance an existing construction loan at Pharr Town Center, a 466,950-square-foot retail center in Pharr, Texas, located directly off Highway 83 and North Jackson Road. Tenants include Ross Dress for Less, TJ Maxx, Bealls, Cost Plus World Market, Buy Buy Baby, Cinemark, Main Event Entertainment, Crunch Fitness and Academy Sports + Outdoors.
