{"id":1004334314,"date":"2019-06-26T22:19:42","date_gmt":"2019-06-27T06:19:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004334314"},"modified":"2019-07-12T02:31:21","modified_gmt":"2019-07-12T10:31:21","slug":"levcor-refinances-houston-entertainment-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/levcor-refinances-houston-entertainment-center\/","title":{"rendered":"Levcor Refinances Houston Entertainment Center"},"content":{"rendered":"<p>Levcor Inc., the owner of the Marq*E Entertainment Center, is refinancing the Houston complex with a $68 million loan secured by JLL\u2019s 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.<\/p>\n<p>Levcor has owned Marq*E Entertainment Center since June 2014, when an entity known as HCL-MarqE LLC <a href=\"https:\/\/www.commercialsearch.com\/news\/hcl-marqe-buys-352-ksf-retail-center-in-houston\/\">acquired the asset from a joint venture<\/a> 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.<\/p>\n<hr>\n<p><strong>READ ALSO:<\/strong>&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/industry-watches-as-fed-says-no-rate-cut-for-now\/\" target=\"_blank\" rel=\"noopener\">Industry Watches as Fed Says No Rate Cut\u2014For Now<\/a><\/p>\n<hr>\n<p>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 &amp; Buster\u2019s, L.A. Fitness, Edwards Cinema, Chick-Fil-A, Bank of America and Panda Express.<\/p>\n<p>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\u2019s future plans, along with the reconfiguration and redevelopment that has already been completed, will further enhance the site.<\/p>\n<h2>Tenancy boost<\/h2>\n<p>Last year, the owners announced the center was bolstering its tenant mix by adding Hugh O\u2019Connor\u2019s Irish Bar &amp; Restaurant, Dolce &amp; Caf\u00e9 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.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-78m-refi-for-texas-shopping-center\/\">refinance an existing construction loan<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL&#8217;s Capital Markets team secured the $68 million loan, which will recapitalize existing debt. LoanCore provided the non-recourse, floating-rate financing.<\/p>\n","protected":false},"author":1068,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1589,21742,21749],"tags":[44006,37162],"class_list":["post-1004334314","post","type-post","status-publish","format-standard","hentry","category-featured","category-finance","category-houston","category-latest","category-retail","tag-jll-capital-markets","tag-levcor-incorporated"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Levcor Refinances Houston Entertainment Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/levcor-refinances-houston-entertainment-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Levcor Refinances Houston Entertainment Center\" \/>\n<meta property=\"og:description\" content=\"JLL&#039;s Capital Markets team secured the $68 million loan, which will recapitalize existing debt. 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