| Transaction: |
Towne Square, Plano, TX |
| Property Type: |
Shopping Center |
| Structure: |
Bridge Loan |
| MF Investment: |
$2,190,000 |
| Date: |
Feb 2004 |
| Description: |
Developer wanted to cosmetically improve the center and ultimately replace below-market leases with higher profile tenants. Mountain’s investment is to be used for the acquisition and repositioning of Towne Square. The developer’s proven track record of rejuvenating tired centers in strong demographic locations has created a tenant following that is expected to result in a profitable repositioning of the center. Mountain Funding was admitted as a limited partner bridging the gap to 90 percent of the transaction’s cost, subordinate to an $11,850,000 senior loan.
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