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SHERMAN, TX-Shafer Property Co. of Dallas has secured a $7.5-million loan for the second phase to a 12-acre retail project at the junction of US Highways 75 and 82 in Sherman, about 60 miles northeast of Dallas. The developer, eyeing a third phase, has an abutting 20 acres under contract, with a January closing marked on the calendar, GlobeSt.com is told.

The three-year loan was structured with a bridge loan for an existing 42,280 sf of inline space and construction financing for a 6,014-sf Johnny Carino’s. The Austin-based restaurateur holds a long-term lease for the pad site. Brad Donnell, senior director for Dallas-based Metropolitan Capital Advisors Ltd. arranged the floating interest rate loan at 1/4% above prime through Colonial Bank of North Dallas. Shafer Plaza 21 is the borrower of record.

Donnell says the second phase is 85% leased. It includes a Colter’s BBQ restaurant. Carino’s is slated to open in the second quarter. There also is room to develop another pad site to house a 20,000-sf tenant. As for the third phase, Donnell says Shafer will be courting another big box for the anchor. Office Depot and Bar S Ranch Store make up the first phase to the project.

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