JLL Arranges Financing For Retail Centers in Austin Suburbs
- Jun 06, 2017
JLL’s Capital Markets team secured $4.6 million in refinancing for two fully-occupied boutique neighborhood retail centers in suburban Austin. Managing Director Jimmy Board and Associate Jarrod McCabe led JLL’s financing team on behalf of Durhman & Bassett, the owner. Bank of America provided the 10-year, fixed-rate loan at an interest rate of 4.35 percent.
Elgin Village is a 19,628-square-foot center located 25 miles northeast of Austin, at the intersection of U.S. Highway 290 and W 11th Street in Elgin. It is positioned across from a HEB grocery store. Its tenant roster includes Anytime Fitness, Family Total Dental and Domino’s.
Cedar Breaks Centre encompasses 9,240 square feet and is situated at 4506 Williams Drive in Georgetown, adjacent to a newly constructed HEB grocery, 30 miles north of downtown Austin. Major tenants include Castle Dental, Great Clips, Centennial Wealth Advisory and Texan Urgent Care.
“These assets are well positioned within rapidly growing suburban submarkets,” Board said in a prepared statement. “With strong surrounding demographics and multiple subdivisions planned near each retail center, this made for an attractive lending opportunity.”
Images courtesy of JLL