(Read more on the debt and equitymarkets.)

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DALLAS-Charter Holdings LP has secured $14.6 million to retirefinancing used to redo and reposition the 62,233-sf Kingsley Squarein East Dallas during the past three years. The 92%-leased shoppingcenter is collateralizing a five-year loan with interest-onlypayments at a sub-6.5% fixed rate.

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The marquee of the 7.24-acre property at 7201-15 Skillman Ave.tells the story, with signs showing a new lineup anchored by LAFitness and an old mainstay, Mi Cocina. Lance Wright, regionaldirector in Dallas for Norwalk, CT-based GE Capital Real Estate,says the Dallas-based borrower had just one hurdle to clear beforethe loan could be stamped. "We were really tied to the LA Fitnessopening," he tells GlobeSt.com. The 45,000-sf health club opened inrecent months, setting the process in motion for the loan toadvance after sitting on the backburner until LA Fitness wentlive.

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Wright says Charter Holdings' president and CEO Ray Washburne ispart of a group of local investors who own the Mi Cocina flag. TheKingsley Square location in Lake Highlands was one of its best soCharter stepped up to buy the real estate when the center fell intoa slump in 2004, according to Wright. In taking over, he saysCharter moved the restaurant into 4,934 sf of inline space,ground-leased its pad to Woonsocket, RI-based CVS/Caremark Corp.for a 13,085-sf drug store and opened up enough inline forUK-headquartered LA Fitness plc. to move in as the anchor.

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"It's a great deal all the way around," Wright says. "You have alot of traffic generators and an area that's an infill andundergoing revitalization." Charter Holdings had John Brownlee withHolliday Fenoglio Fowler LP in Dallas arranged the GE-fundedreplacement loan for the mix of new and redeveloped space.

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