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ARLINGTON, TX-A 92%-occupied neighborhood center, rebuilt after a fire a few years ago, gets the green light on a $4.6-million permanent first mortgage.

Scott Lynn, principal and director for Metropolitan Capital Advisors of Dallas, tells GlobeSt.com that Arlington’s 72,000-sf Six Flags Village has collateralized the 10-year loan at 7.46% interest, representing a 70% LTV, in a financing through New York City’s Lehman Brothers. It has a 30-year amortization schedule.

The LP owner, controlled by Today Realty Advisors, acquired the center in 1993. The center, as locals will attest, holds prime positioning at the crossroads of Collins Road and the Road to Six Flags, a primary retail corridor in the steadily growing city.

The financing comes as the center nears the finish line for a repositioning. The center has been on the rebuilding track for nearly four years after it sustained considerable damage in a fire at Wheels in Motion’s location. Then, main tenant CompUSA took its walking papers.

Today’s tenant roster includes Office Depot, a Yes!Less grocery, Salon Versailles and Tia’s Mexican Restaurant. All but Office Depot are new tenants. Office Depot just exercised a five-year option to re-up and hold onto its title as the center’s sole remaining original tenant, confides Lynn, the loan originator. And coming soon is an Italian restaurant, with four locations up and running in Dallas-Fort Worth.

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