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Town Center Colleyville Taps Into $32M Bridge Loan
Sterling Organization acquired Town Center Colleyville in early 2020 and its property management team worked with tenants through the COVID-19-related disruption. The Market Street grocery-anchored center has attracted a mix of necessity-based Internet-resistant retailers.
The 246,327-square-foot neighborhood center is located at the intersection of Highway 26 and Hall-Johnson Road in a rapidly growing part of the metro. In early 2020, the four-year Highway 26 expansion project was completed, significantly improving access to the center.
CBRE recently arranged $32 million in bridge financing for Town Center. Shaun Moothart, Dana Summers, Scott Lewis and Frank Piasta with CBRE capital markets originated and secured the financing on behalf of Sterling Organization to source the financing through Rialto Capital. The loan will provide a three-year initial term with two one-year extension options.
- ◦Acquisition
