STEEPLECHASE CENTER, Houston

Zarky Holdings, LLC, an affiliate of TPMC Realty Corporation, recently extended a 2-year acquisition loan to fund the purchase of a Steeplechase Center (“Steeplechase”), a 193,801 square foot Class B retail center located in northwest Houston, Texas.  At closing, Steepelchase was 56% occupied and included several tenants operating on month-to-month leases.  The loan was structured with a holdback reserve account that is restricted for tenant improvements contingent upon the Borrower executing leases for new tenants.  Subsequent to closing the loan, the Borrower has redeveloped the asset, successfully extended the anchor tenant lease and created a renewed interest in leasing space at the site.