Metropolitan Capital Advisors has arranged a $2,593,000 construction loan for a to-be-built 24,000 s.f. retail center located within the Roanoke Crossing Power Center, which is anchored by Wal-Mart and Home Depot. The 24,000 s.f. project is 100% pre-leased to Dollar Tree and PetSmart. Roanoke Crossing was originally developed in the early 2000’s. The adjacent land tract was the final phase of the project.
The project is located at the intersection of U.S. Highway 377 and Texas Highway 114 which has a combined traffic count of 155,000 vehicles per day (“VPD”). Other major retailers in the immediate vicinity include: Aldi, Chili’s, Pizza Hut, Sonic, Chase Bank, Wells Fargo, Taco Bueno, Auto Zone, CVS, Chick-fil-a, Panda Express, Dairy Queen, Tractor Supply Co, Walgreens, Tom Thumb.
The development loan request equated to 75% of the project costs and was priced at Prime + 1.5%. The loan term was approximately 3 years, with 9 months interest only.
Since 1992, Metropolitan Capital Advisors has closed in excess of $12 billion of debt and equity transactions. National Real Estate Investor Magazine has consistently ranked MCA as one of the top CRE Financial Intermediaries in the US. MCA completed over $600,000,000 of commercial real estate financing during 2015.