Whitestone REIT Secures $56M Loan From National Life Insurance Company

Three retail properties were involved in this transaction, namely Las Colinas Village in Irving, The Strand in San Antonio, and Scottsdale Seville in Scottsdale. The loan amount secured by Whitestone REIT from National Life Insurance Company was $56,000,000, with a fixed interest rate of 6.23 percent. The loan was obtained to pay down floating rate debt.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $56,000,000
• Address: 861-975 West John W Carpenter Freeway, 11225 Huebner Road & 7001 North Scottsdale Road
• Market: Irving & San Antonio, TX; Scottsdale, AZ
• Lender: National Life Insurance Company
• Landlord: David Holeman - Whitestone REIT

The loan was specifically allocated to each property, ensuring that the mortgage was backed by the three open-air shopping centers. David Holeman, representing Whitestone REIT, facilitated the agreement with the lender, National Life Insurance Company.