DALLAS, June 21, 2012 — Dallas, Texas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has arranged a Guidance Line of Credit for a local Private Equity firm to acquire single-tenant NNN properties across the state of Texas. The Private Equity firm is well versed in real estate investing and has a successful track record in maximizing value in retail assets for their investors.
The Sponsorship’s strategy is to acquire and redevelop existing properties that are well located and situated along highly traveled roads and/or high-profile “hard corners”. The Sponsorship’s intends to redevelop and lease the properties with national or regional credit tenants to hold as a long-term investment.
The Guidance Line of Credit, in the amount of $12,000,000 will allow the Sponsor to draw 75% of cost (“LTC”) for transactions that have a new long-term lease in place and 50% of cost (“LTC”) for transactions that have tenants identified and/or under Letter of Intent only. The Guidance Line was Guaranteed by the Fund and did not require any warm-body recourse guarantors.
MCA secured the $12,000,000 Guidance Line of Credit with a regional bank. MCA Senior Director, Todd McNeill was responsible for arranging the financing.