Dickinson Village
Dickinson, Texas
$6,000,000
Permanent
Life Insurance Company
Transaction Details
Dickinson Village is a grocery-anchored, 87,631 square foot retail center located in the City of Dickinson, Texas. The Property occupies a highly visible location adjacent to Interstate 45 between Houston and Galveston and is anchored by Kroger and Sherwin Williams. The Property also contains 25,000 square feet of in-line shop space.
The Proposition
Essex Financial Group was approached by one its private capital clients to arrange a non-recourse, short-term loan to refinance a maturing conduit loan. The combination of the Property's location in a tertiary market and the pending Texas Department of Transportation condemnation of a portion of the subject parcel complicated the loan request.
Our Solution
Essex arranged a $6,000,000 non-recourse permanent loan with one of its correspondent life insurance companies. The fixed-rate, 5-year loan is 63% LTV and has a competitive 3.55% interest rate and a 25-year amortization.