Metropolitan Capital Advisors (MCA), a commercial real estate capital markets intermediary, has arranged an owner-occupied acquisition loan for the real estate purchase of two single-tenant restaurant buildings in Lewisville and Arlington, Texas.
The financing package was arranged on behalf of a partnership controlled by Dallas-based restaurant Redneck Heaven, which currently operates three locations (Lewisville, Arlington and Fort Worth) and is expecting to expand into other Texas markets.
MCA arranged a 79% loan-to-cost acquisition loan of $4.2 million, and the proceeds were used to fund the acquisition and associated transaction costs. The 60-month acquisition loan has an additional 60-month extension option, with a fixed interest rate at 5.5%. Sunny Sajnani, senior director of MCA, arranged the loan with a Dallas-based Federal Deposit Insurance Corp. (FDIC) bank.