Arriba Capital (Arriba) successfully closed a $6,000,000 cash-out refinance on a 17,000 square-foot retail center located in Cypress, TX. The loan, structured to 80% loan-to-value, enabled the sponsorship to repay preferred equity investors and lock-in long-term fixed rate financing. The property, which was constructed in 2016, was 100% occupied at the time of closing. The loan was priced at 4.75%, fixed for 7-years, with a 3-year option, and amortized over 25-years.
The borrower is an experienced, privately held, Houston-based development and management company.