DALLAS, TEXAS (December 12, 2022) — Phillip Bankhead, senior vice president/senior director, of Northmarq’s Dallas debt and equity team secured a permanent-fixed loan for Carrollton Park Village, a retail center located in Carrollton, Texas. Situated on a 10-acre site, the property consists of five buildings at the southeast corner of Josey Lane and Belt Line Road within the Dallas-Fort Worth metroplex. The shopping center is near I-35 and a short 20-minute drive to Dallas.
The 110,000 sq. ft. shopping center was built in phases from 1965 to 1987 and recently underwent a complete renovation of all exteriors. The center offers a diverse set of retailers including soft goods, dining, and personal services for the surrounding Carrollton community. Lead tenants include dd’s Discounts, Dollar General and Hibbett Sporting Goods. The center is also adjacent to property containing a Fiesta Mart supermarket.
Northmarq arranged financing for the borrower, Vista Property Company, through its correspondent relationship with Genworth Financial. The loan is structured on a 15-year term on a 25-year amortization schedule. “This has turned out to be a very good investment for Vista property Company as within 18 months of acquiring the property it has been able to add a number of new tenants and stabilize the cash flow. This long term, fixed rate loan provides a high degree of certainty to the borrower’s cost of funds in today’s rising rate environment.” said Bankhead.