HFF Closes Financing for Pearland Parkway II in Houston
- Apr 13, 2016
Houston—HFF recently arranged financing for the second phase of a retail power center in the Houston suburb of Pearland, Texas. Pearland Parkway II is a 108,343-square-foot structure to be built in addition to the existing 165,922-square-foot property.
HFF worked on behalf of the borrower, Stream Realty Partners, to place the construction loan with Amegy Bank. Additionally, the company arranged mezzanine financing with a major life insurance company.
Completed in 2014, The Center at Pearland Parkway was 95 percent leased at the time of the financing. Located at the intersection of Pearland Parkway and FM 518, Pearland Parkway II is in the primary retail node for the eastern part of Pearland and approximately 15 miles from downtown Houston. The retail center includes tenants such as TJ Maxx, Ross Dress for Less, Petco, Palais Royal and Massage Envy. More than 370 businesses with approximately 3,700 employees are located within one mile of the retail center and 23,974 households within a three-mile radius of the center.
Senior Managing Director Matt Kafka and Managing Director Colby Mueck led the HFF debt and equity placement team representing the developer.
Rendering courtesy of Stream Realty Partners