DALLAS – November 13, 2019 – Berkadia today announced the $17.65 million in financing secured for World Cup Plaza, a 91,428 square foot retail strip center in Frisco, Texas. Managing Director Joseph N. Hevey of Berkadia’s Dallas office originated the refinancing loan on behalf of Dallas-based World Cup Management, and the deal closed on November 5. Berkadia will also service the loan post-closing.
The 10-year loan provided by a major CMBS lender features a fixed interest rate below 4 percent with full-term interest-only payments.
“This property is strategically located in a proven retail area with high traffic counts situated in a high demographic suburban market. It should continue to be a highly successful destination property with increasing rents and valuation,” said Hevey. “The lender realized the strengths of the property and aggressively structured refinance terms that met the borrower’s needs.”
Located at the northeast corner of Main Street and The Dallas North Tollway, World Cup Plaza’s major tenants include Blue Goose Cantina, The British Lion, The Green Gator, Rotolo’s Pizzeria, The Boardroom and Wells Fargo Bank.