Arriba Capital successfully closed a total of $9 million construction loan for a 26,000 square-foot retail property in Katy, TX. The loan was structured in two tranches, a five-million dollar first and a four-million dollar revolving credit facility secured in a second trust deed position. The 18-month construction loan was sized to 75% of total project cost. The retail space was 50% preleased at the time of closing.
The borrower is an experienced, privately held, restaurant group that currently owns and operates restaurants in Texas, Wisconsin, & Indiana.