Texas Shopping Center Lands $13M Refi
- Jun 20, 2017
JLL worked on behalf of GRACO Real Estate Development Inc. to secure the $13.3 million refinancing of the Forum at Soncy, a 64,914-square-foot, Class A shopping center in Amarillo, Texas. Managing Director Jimmy Board and Associate Jarrod McCabe led the JLL team. Deutsche Bank provided the 10-year, fixed-rate loan with a 4 percent interest rate.
Located at 3350 S. Soncy Road, at the intersection of 34th Avenue and Soncy Road, the Forum at Soncy is along Amarillo’s main retail corridor, which includes the Westgate Mall. The retail center benefits from its proximity to a variety of residential areas, including The Colonies of Amarillo master-planned community, and a population of roughly 115,000 within a five-mile radius.
At the time of the financing, the shopping center was 93 percent leased to, among others, Chico’s, Jos. A. Bank, Kirkland’s Home, Justice, Lane Bryant, Guitar Center, World Market, Pei Wei, FedEx Kinko’s, Complete Nutrition, Schakolad Chocolate Factory and Baker Bros. Deli.
“The Forum at Soncy has attracted and retained several credit-worthy national tenants and remained at or above stabilized occupancy over the last ten years, making it both a regional retail destination and a desirable lending opportunity,” Board said in a prepared statement.
Image courtesy of GRACO Real Estate Development