Retail Center Owner Lands $2-Mil Financing Package

SPRING, TX-Spanish Oaks Center, a retail center at 25602 Interstate 45 N. in Spring, TX, has received $2 million fixed-rate financing with a 22-year amortization from StanCorp Mortgage Investors LLC.

Clay DeCarlo, vice president of GMAC Commercial Mortgage Corp.’s Houston retail production office, arranged the financing package for Spanish Oaks Center Ltd. The center, situated in suburb north of Houston, houses tenants such as Enterprise Rent-a-Car, Silver City Dance Hall and Saloon, Farmers Insurance, Firestone Tire & Service Center and Rain Forest Florist.

StanCorp Mortgage Investors is a five-year-old, niche lender that specializes in small-to-medium commercial mortgage loans. At the end of 1999, StanCorp reported servicing a $2.18-billion portfolio and produced $5.5 billion in income. Horsham, PA-based GMAC Commercial Mortgage has a servicing portfolio in excess of $108 billion. The Houston office reports that it closes at least one deal per week with an average loan value of $5 million.