Arriba Capital (Arriba) successfully closed a $5,000,000 construction loan for a 17,000 SF retail center located in Cypress, TX. The project was fifty-five percent (55%) preleased at the time of closing in which Mo’s Irish Pub, a locally owned and operated restaurant, will anchor the retail center.
The debt was structured at eighty-percent (80%) of cost and priced at Prime plus 1.70% (4.95%). After the initial twelve months of interest only payments, the loan will convert to a twelve (12) year term with a twenty-five (25) year amortization.
The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.