Dealmaker: Metropolitan Capital Advisors Closes Three Texas Deals

Metropolitan Capital Advisors, Dallas, arranged $21.6 million for three Texas properties.

MCA Senior Director Todd McNeill arranged $12.2 million to refinance Bosque River Shopping Center, a 221,000-square-foot retail center in Stephenville, 70 miles southwest of Fort Worth. National and regional tenants including Hastings Entertainment, JCPenney and Bealls department store occupy 90 percent of the property.

A commercial mortgage-backed securities lender provided the 10-year fixed-rate loan at 5.21 percent.

MCA Senior Director Justin Laub arranged $6.9 million in debt and equity on behalf of a partnership sponsored by Larkspur Capital for the Block at Bennett, a to-be-built condominium development.

The Block at Bennett will include 22 units near the corner of Bennett Avenue and Fuqua Street in Dallas’s Henderson neighborhood upon completion. A regional bank funded the construction loan.

In Roanoake, Texas, MCA arranged a $2.5 million construction loan for a 24,000-square-foot retail center located within the larger Wal-Mart-anchored Roanoke Crossing power center. The new property is fully pre-leased to Dollar Tree and PetSmart. The adjacent land tract represented the project’s final phase.

The development loan request equated to 75 percent of the project costs and priced at Prime plus 1.5 percent. The three-year loan included nine months of interest-only payments. More than 150,000 vehicles per day pass the site at the intersection of U.S. Highway 377 and Texas Highway 114.