Younger Partners Investments Secures $60.7 Million Loan From Bank United For Retail Acquisition
2014 West University Drive & 3092 North Eastman Road
$60,700,000
$105/SF
Building Size
288,063 SF
Asset Type
Retail
Closing
Dec 18, 2024
About this deal
AI
The transaction involves the acquisition of two retail centers located at 2014 West University Drive and 3092 North Eastman Road in the McKinney and Longview markets. The total square footage for the assets is 288,063. The total loan amount secured for this acquisition is $60,700,000, which will facilitate the purchase of these stabilized properties.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $60,700,000
- Lender: Bank United
- Landlord: Younger Partners Investments
- Broker: Adam Mengacci - Institutional Property Advisors
- Asset Size: 288,063 SF
- Market: McKinney, Longview
- Current Occupancy: 98% for 380 Towne Crossing, 96% for Longview Towne Crossing
- Notable Tenants: Target, Lowes, PetSmart, Five Below, Old Navy, Kohl’s
Adam Mengacci, Managing Director at Institutional Property Advisors in Dallas, led the Capital Markets team to secure and structure 80% of the capital stack for this deal. The financing includes a three-year bank loan from Bank United and preferred equity from TriGate Capital, supporting Younger Partners Investments in expanding their retail portfolio across Texas.
On the Map
$60,700,000
$105/SF
Retail
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McKinney Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93