Kroger-Anchored TX Shopping Center Lands $19M Loan
Metropolitan Capital Advisors Ltd. has arranged a construction loan for the second phase of the Prosper, Texas, shopping center. The 70 percent loan-to-cost financing features a fixed rate of 4.5 percent.
By Razvan Cimpean
Shops at Prosper Trail in Prosper, Texas
Metropolitan Capital Advisors Ltd., through Director & Principal Todd McNeill, has negotiated an $18.8 million construction loan for Phase II of Shops at Prosper Trail in Prosper, Texas. The 70 percent loan-to-cost financing features a fixed rate of 4.5 percent. The company also refinanced an existing construction loan.
The second phase will include in-line retail, single-tenant and multi-tenant pads. The 19,000-square-foot of retail space will be available this spring. The owners have already begun the marketing process for the new facility.
Shops at Prosper Trail is located on the northwest corner of Preston Road and Prosper Trail. Last March, with Phase I nearly completed, a 125,000-square-foot anchoring Kroger Marketplace opened at the shopping center. Currently, tenants include Supercuts, Very Betty Boutique and Peachwave Yogurt.
Image courtesy of Metropolitan Capital Advisors
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