Dealmaker: Metropolitan Capital Advisors Arranges $18M

Metropolitan Capital Advisors, Dallas, arranged $17.8 million for retail, hotel and medical assets in Texas and Colorado.

In downtown Waco, Texas, MCA Senior Director Brandon Wilhite arranged a $4.3 million construction loan to fund the adaptive re-use of an existing warehouse building. Developer Bill Wetterman plans to place steel shipping containers around the warehouse on South 4th street, two blocks from the Magnolia Market owned by HGTV stars Chip and Joanna Gaines.

The shipping containers and warehouse will become The Containery, a mixed-use property with 38,000 square feet of retail, restaurant, office, event space and hotel rooms.
“The Containery will be well-positioned to capture downtown Waco’s recent surge in traffic and economic growth driven by demand generators such as Magnolia Market and Balcones Distilling,” Wilhite said.

TFNB Bank, McGregor, Texas, supplied the financing.

MCA Principal Director Sunny Sajnani also secured an $11.7 million, 75 percent loan-to-cost fixed-rate mortgage from Alliance Bank for a 101-Key Staybridge Suites extended-stay hotel in Plano, Texas’s Legacy Corridor.

Ascend Growth Partners, McKinney, Texas, purchased the asset from Granitepark-Parkwood LLC, Dallas. CBRE Hotels arranged the sale.

“The Plano North/Legacy market is among the most active areas in the state for new developments and economic growth,” said CBRE Senior Vice President Michael Yu.

In Craig, Colo., MCA Senior Director Kevan McCormack secured $1.8 million from Great Western Bank, Sioux Falls, S.D., to develop a 6,000-square-foot urgent care center for Memorial Regional Health. Adena Corp. President Randy Payne and University Housing Solutions President James Schmidt are developing the new facility down the street from The Memorial Hospital at Craig.