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| North Oaks Shopping Center, northwest Houston, TX |
LOS ANGELES, CA – HFF announced it has secured $39.1 million
in acquisition financing for North Oaks Shopping Center, a 448,760-square-foot
power center in northwest Houston, Texas.
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| Christopher Vittetoe |
HFF worked on behalf of World Class Capital Group, LLC to
arrange 85 percent acquisition financing. The $34.5 million, 10-year,
fixed-rate senior loan was securitized through Deutsche Bank. In addition, HFF also placed a $4.6 million
mezzanine loan on behalf of the borrower with SteepRock Capital.
North Oaks Shopping Center is located at 4501 Farm-to-Market
Road 1960 at the intersection of Veterans Memorial Drive and is positioned
midway between Highway 249 and Interstate 45.
Situated on
approximately 37.9 acres, the center includes two large multi-tenant buildings;
four outparcel multi-tenant buildings and four single-tenant buildings. Renovated in 2012, the property is 93.7
percent leased to tenants including Hobby Lobby, Ross Dress for Less, TJ Maxx,
Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree.
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| Tyler Ford |
Associate director Tyler Ford and director Christopher
Vittetoe led the HFF team representing the borrower.
World Class Capital Group, LLC is a leading private real
estate investment firm based in Austin, TX. The firm pursues opportunities in
all U.S. markets and has a distinct focus on value-add and core-plus real
estate investments.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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