Dealmaker: Metropolitan Capital Advisors Arranges $35M

Metropolitan Capital Advisors, Dallas, arranged $34.9 million for Texas hotel and office assets as well as a development parcel.

MCA arranged a $15 million construction loan for a dual-branded SpringHill Suites by Marriott and Home 2 Suites by Hilton in McKinney, Texas. The six-acre property sits near the northwest corner of Eldorado Parkway and North Central Expressway. A regional bank funded the loan.

The transaction included a non-recourse first lien mortgage and a second lien funded with EB-5 capital. Three separate firms combined as the developer with differing levels of involvement regarding the completion guarantee and the hotel management.

MCA also arranged $14.4 million to refinance two Dallas-area office properties for Rainier Asset Management Co., Dallas. A Fort Worth-based bank provided the 65 percent loan-to-value financing at a 4.95 percent fixed rate for five years.

Built in 1999, Lakeview Center in Coppell, Texas, is a single-story office building fully leased by six tenants including Beacon Health Options and Caliber Home Loans. Sojourn Medical and Office Center in Addison, Texas, is currently 87 percent leased. 

The firm also arranged a $5.5 million land acquisition loan for a 9.7-acre tract in Frisco, Texas. The property sits next to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center.

MCA Principal and Senior Director Todd McNeill closed the financing with a regional bank. It provided a two-year term with interest-only payments while the developer sells off pad sites and considers further development. He said Frisco retail occupancies and rental rates remain healthy, “which continues to drive strong tenant demand for pad sites and inline retail space.”