$10M Loan Facilitates Pitman Corners' Acquisition
An unidentified investor has secured a $10 million loan to acquire the 192,267-square-foot Pitman Corners in Collin County from an affiliate of Houston-based Weingarten Realty Investors.
Todd McNeill of Metropolitan Capital Advisors arranged the mortgage through a local bank, securing a 5.5 percent fixed-rate interest, 30-year amortization and non-recourse terms. The $10 million loan was secured on a 75 percent loan-to-value basis.
The shopping center, located at 1301 Custer Rd. in Plano, is an Albertsons-anchored neighborhood center. The tenant roster includes Tuesday Morning and McDonalds.