BEAUMONT, TX – Mark One Capital has arranged a $3.22 million loan for the acquisition of Beaumont Fountain Plaza, (top right photo) a 23,524-square foot multi-tenant retail center, located at 3050 N. Dowlen Road in Beaumont, Texas. Geoffrey Harris, (bottom left photo) a senior director in the firm’s Phoenix office, and Farhan Kabani, a senior associate in the firm’s Dallas office, arranged the financing package for the property.
“Beaumont Fountain Plaza was classified as an un-anchored retail asset,” says Kabani. “Mark One Capital was able to overcome the objection that the center was un-anchored due to the property’s high-historical occupancy levels, strong tenant mix, rental rates and premier location.”
Financing for Beaumont Fountain Plaza was provided by a commercial bank at a fixed rate of 6.04 percent for the first five years, then adjusting. Terms of the loan were for 25 years with a 25-year amortization schedule. The loan-to-value was 65 percent.
“An added benefit for our client was that we were able to close the loan in less than 40 days,” adds Kabani.
Press Contact: Kathy Molitor, Mark One Capital, (925) 953-1704, http://www.markonecapital.com/
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