Balcones Heights to pay back $5.4 million for stake in Wonderland mall

The City Council of Balcones Heights, a 1-sq.-mile bed room local community anchored by Wonderland of the Americas, voted to invest in possession in the purchasing mall.

The $5.4 million deal gives the Balcones Heights Economic Progress Corp. on behalf of the metropolis a 45.72% ownership stake in the procuring middle found at Interstate 10 and Loop 410, and paves the way for redevelopment of the 1960s-era residence.

Balcones Heights is financing the acquire as a result of North Carolina-based mostly Truist Financial institution with a closing set for Nov. 18 and the interest price locked in at no better than 3.79%. The 20-calendar year bank loan will come with the prospect of a balloon payment at 10 yrs.

You May Also Like

About the Author: AKDSEO