MANSFIELD, TX-An 11,375-sf shopping center, now sitting at 100% occupancy, is collateralizing a near $1.5-million permanent loan for a pair of investors who bought it a year ago when construction was under way.
John Mathes, also a Dallas retail broker, and his mother, Melinda, retired construction financing with Park Cities Bank with the 10-year loan, getting a 5.86% fixed-rate interest from JPMorgan Chase Bank of New York City, Brad Donnell, senior director for Metropolitan Capital Advisors Ltd. of Dallas, tells GlobeSt.com about the new financing for 640 W. Debbie Lane in Mansfield. He says the JPMorgan conduit loan came at a fixed cost, which isn't necessarily the easiest type of lock-in for transactions less than $2 million. "They got a little break on the legal and processing side," Donnell explains.
The Mansfield shopping center sits near the intersection of US Highway 287 and FM 157. "It's a basic run of the mill strip in Mansfield...but it's a good part of town in a growing area," Donnell says. "It's a nice little deal." The center's tenants include Edward Jones, Comet Cleaners, Allstate Insurance and Charlie's Burgers.
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