Plano, Texas — Berkadia has arranged $18.4 million in financing for H Mart Town Center, a grocery-anchored retail property in Plano.
Joseph Hevey Jr. of Berkadia’s Dallas office secured the refinancing through Morgan Stanley Bank, N.A. The loan features a 4.8 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years.
The borrower, RPI H Mart Town Center, will use the loan to refinance existing debt on the location. The property was 94 percent leased at the time of sale to tenants including H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres less than two miles north of downtown Plano.