DALLAS – September 5, 2019 – Berkadia today announced the $39 million in total financing for four retail properties. Managing Director Joseph Hevey Jr. of Berkadia’s Dallas office originated the four separate fixed-rate, CMBS loans on behalf of their respective borrowers.
“All four of these properties were fully stabilized in strong, proven retail locations,” said Hevey. “Berkadia will service each of these loans post-closing, a point which was extremely important to the various borrowers.”
The four properties are:
- Courtyard Plaza, a retail strip-mall in New Braunfels, Texas. Berkadia originated a $15.4 million, 10-year loan from Argentic on behalf of the owner, an affiliate of Retail Plazas, Inc. of Dallas. The deal closed on August 27. Located at 155 South Interstate 35, the plaza is centrally located nearby a number of the area’s neighborhood communities.
- Duck Creek Community Shopping Center in Garland, Texas is also owned by an affiliate of Retail Plazas, Inc. of Dallas. Berkadia originated a $3.5 million, 10-year loan from Wells Fargo Bank for this asset, and the deal closed on August 20. Located at 5006 North Jupiter Road, the retail center lies within a larger collection of shopping centers spread across the intersection of North Jupiter Road and East Arapaho Drive.
- MedVet Veterinary Specialty Hospital in Dallas, Texas received a $10.5 million, 10-year loan from Goldman Sachs. The recently redeveloped office property, located at 11343 North Central Expressway, is owned by an affiliate of Meridian Capital of Dallas. The property is conveniently located to service the local community, and the deal closed on July 11. Senior Managing Director John Koeijmans of Berkadia’s Dallas office co-originated this loan.
- Copperstill Marketplace, in Covington, Louisiana, received a $9.6 million, 10-year loan also from Goldman Sachs. The newly developed grocery store-anchored retail center is owned by an affiliate of Gulf Shores Management. Senior Director Bobby St. John of Berkadia’s New Orleans office co-originated this loan, and the deal closed on June 10.