HOUSTON, TEXAS (February 21, 2020) – Matthew Franke, senior vice president, Ray Driver, managing director and Michael Borden, analyst in NorthMarq’s Houston office arranged the $28.5 million refinance of Champions Forest Plaza. The 187,000 sq. ft. retail property is located at 5466 FM 1960 West in Houston, Texas. NorthMarq arranged financing for the borrower, Smithco, through its relationship with OneAmerica.
“The loan was attractive to OneAmerica due to the strong, local ownership, stable operating history and diversified tenant roster,” said Franke. “The borrower chose OneAmerica based upon their competitive interest rate and 15-year fixed term.”
The current owner/borrower has continuously owned the property since its initial development in the late 1960s. The property was 92 percent occupied at time of closing. Anchor tenants include The Container Store, Gap, Ann Taylor, Starbucks, Ann Taylor, Jos. A. Bank, Fidelity Investments and more.
– 15-year term
– 25-year amortization schedule
– Permanent-fixed loan
– The property offers easy access with good visibility at a signalized intersection.
– The neighborhoods of Champion Forest, Willowbrook, Cypress Station and Greater Greenspoint are all within a short drive.
– According to the borrower’s website, 306,875 people with an average household income of $91,879 live within a five-mile radius of the property.