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SmithCo Secures $29M Refi for 187K-SF Champions Forest Plaza
The long-time owner of Champions Forest Plaza in Houston’s northwest submarket secured $29.5 million in refinancing. SmithCo Development, which owned the 187,000-square-foot asset at 5466 FM 1960 W since the late 1960s, obtained the 15-year, fixed-rate loan with a 25-year amortization schedule through OneAmerica. Matthew Franke and Ray Driver with NorthMarq arranged the loan.
According to Franke, OneAmerica liked the property’s stable operating history, local ownership and tenant roster, which includes The Container Store, Gap, Ann Taylor Starbucks and Jos. A. Bank. And “the borrower chose OneAmerica, based on its competitive interest rate and 15-year fixed term,” Franke said.
Champion Forest Plaza has been a fixture in northwest Houston for decades. The 92% occupied property is within a short drive of the Champion Forest, Willowbrook, Cypress Station and Greater Greenspoint neighborhoods.
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- ◦Financing
