PHARR, Texas – Levcor Inc., a Houston-based development firm led by Larry Levine, has completed a 467,000-SF retail center in Pharr, near the Texas/Mexico border.
JLL’s Capital Markets secured $78 million in bridge financing for Levcor’s Pharr Town Center. Goldman Sachs provided the loan, which will be used to refinance an existing construction loan for the retail center, which was completed in 2017.
Executive Managing Directors Tom Melody and Tom Fish, Managing Director Jimmy Board and Associate Jarrod McCabe led the JLL team on the financing on behalf of Levcor.
“Capital continues to be available for well-located shopping centers with high-performing, national credit tenants,” said Board. “The institutional activity on this deal speaks to the quality of the asset, the continued drive to brick and mortar retail and the sponsorship.”
Pharr Town Center is highly visible in its location directly off Highway 83 and N. Jackson Road, the main thoroughfare in Pharr and offers shoppers easy access to the dense retail corridor. The shopping center includes anchor tenants Ross Dress for Less, TJ Maxx, Bealls, Cost Plus World Market, Buy Buy Baby, Cinemark, Main Event Entertainment, Academy Sports + Outdoors, Sears Appliance, Crunch Fitness, Joann’s, Luby’s and Mercer Emergency Clinic.