Irving’s Hunter Plaza Facing Default
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Hunter Plaza in Irving has been sent to special servicing and is facing imminent maturity default for its $22.5M loan. The loan was underwritten with a debt-service coverage ratio of 1.41 and a 90% occupancy.
In September 2016, DSCR was 1.38 and occupancy reached 99%. At the end of 2014, Hunter Plaza was 98% occupied and performing at a DSCR of 1.28.
The 106k SF retail center on LBJ and Olympus Boulevard was built in 2005. Tenants include Best Buy and 24 Hour Fitness. The $22.5M loan is current on payments and is scheduled to mature March 11. The master servicer on the deal is Wells Fargo. The special servicer is CWCapital Asset Management.
CoStar reports show the Santa Ana, Calif., branch of Newmark Grubb Knight Frank as the true owner of Hunter Plaza at the end of 2016.