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MANSFIELD, TX-An $11.8-million construction loan has been secured for Mansfield Towne Crossing, a 118,740-sf retail center planned for the intersection of US Highway 287 and Debbie Lane in a Fort Worth suburb where retail development has headlined the activity for a year. Ground-breaking, though, will come after current lease negotiations present closed deals.

Scott Lynn, principal of Metropolitan Capital Advisors in Dallas arranged the financing through Compass Bank. Lynn tells GlobeSt.com that pre-leasing talks are under way with enough retailers to start the dirt work at more than 60% reserved. The 50-acre project is a joint venture development of Weber & Co. and Today Realty Advisors, both of Dallas.

The Compass Bank financing represents a 75% LTV. It is an 18-month, interest-only loan.

An under-construction SuperTarget will anchor Mansfield Towne Center as will a Home Depot that opened last year. The big news, though Lynn can’t discuss it, is a junior anchor is close to signing on the dotted line. Mansfield has been one of the region’s development hotspots for retail and residential development for a year, with many of the big-name retailers seeking their place in the growing suburb as equally impressive homebuilders push out projects at price tags tailored to the median income.

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