Vestar secures $8.67M financing for recently acquired retail center
Vestar, one of the leading privately held real estate companies in the western United States, announced today that it has secured a 15-year permanent loan with the Lincoln National Life Insurance Company in the principal amount of $8,673,000 for the recently acquired Twin Creeks Marketplace. The 43,134-square foot grocery-anchored neighborhood center is located at 1265 W. Exchange Parkway in the Dallas, Texas suburb of Allen.
Developed in 2016, Twin Creeks Marketplace is situated on five acres at the intersection of W. Exchange Parkway and Alma Drive. The center is 100% leased, including national and regional retailers including Sprouts Farmers Market, Verizon, Starbucks, Advancial Credit Union, Luxe Nails, Studio Smiles and ATI Physical Therapy.
“Lincoln National Life Insurance Company was a great partner to work with and handled this transaction with expertise and flexibility, assuring a quick and efficient closing. We look forward to working with them again in the future,” said Edward J. Reading, Executive Vice President of Finance for Vestar.