JLL’s Capital Markets experts today announced the company secured $78 million in bridge financing for Pharr Town Center in Pharr, Texas. Goldman Sachs provided the loan, which will be used to refinance an existing construction loan for the 466,950-square-foot retail center.
Executive Managing Directors Tom Melody and Tom Fish, Managing Director Jimmy Board and Associate Jarrod McCabe led the JLL team on the financing on behalf of Levcor, Inc.
“Capital continues to be available for well-located shopping centers with high-performing, national credit tenants,” said Board. “The institutional activity on this deal speaks to the quality of the asset, the continued drive to brick and mortar retail and the sponsorship.”
Pharr Town Center is highly visible in its location directly off Highway 83 and N. Jackson Road, the main thoroughfare in Pharr and offers shoppers easy access to the dense retail corridor. The shopping center includes anchor tenants Ross Dress for Less, TJ Maxx, Bealls, Cost Plus World Market, Buy Buy Baby, Cinemark, Main Event Entertainment, Academy Sports + Outdoors, Sears Appliance, Crunch Fitness, Joann’s, Luby’s and Mercer Emergency Clinic.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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