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Whitestone REIT lands $56M loan to pay down floating-rate debt
Loan was secured by three shopping centers, including two in Texas
A real estate investment trust operated by Whitestone will be able to pay down some of its debt, thanks to new financing
Whitestone REIT landed a $56 million mortgage from lender National Life Insurance Company, according to SEC documents. The loan has a fixed interest rate of 6.23 percent. The Houston-based REIT will use the money to pay down its floating rate debt.
The loan was secured by three open-air shopping centers: Las Colinas Village in the Dallas suburb of Irving, The Strand in San Antonio and Scottsdale Seville in Scottsdale. Of the loan amount, $20.6 million is allocated to Las Colinas Village; $21.8 million is allocated to Scottsdale Seville; and $14 million is allocated to The Strand, the filing said.
Las Colinas Village is a 105,000-square-foot shopping center that includes a Starbucks and an outpost of local restaurant Hudson House.
It is located at 861-975 West John Carpenter Freeway in Las Colinas. With easy access to highways 114 and 161, it is 6 miles from DFW Airport and 14 miles from downtown Dallas. The average household income in the area around the property is $100,000.
Whitestone REIT purchased Las Colinas Village in 2019. It was Whitestone’s eighth acquisition in Dallas-Fort Worth, according to a news release from the firm.
The REIT has a portfolio of 51 properties located in the Phoenix metro and across the Texas Triangle.
In early June, MCB Real Estate made an offer to purchase the REIT for $14 a share, Yahoo Finance reported. The offer was rejected.
On June 11, Whitestone REIT director Amy Feng purchased 17,000 shares of the company, Yahoo Finance reported. She now owns almost 40,600 shares.
Whitestone REIT trades on the New York Stock Exchange as WSR.
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