DALLAS-A private investor from Fort Worth has obtained a loan of about $3.3 million, with a 75% loan-to-value ratio, to buy the one-year-old Skillman Towne Crossing in Dallas.

The 17,929-sf shopping center at 6751 Abrams Rd. takes up the northwest corner of Abrams and Skillman roads, a shadow anchor location to a SuperTarget. The new construction and roster of national tenants helped to secure the financing from Lehman Brothers of New York City, Scott Lynn, director and principal of Dallas-based Metropolitan Capital Advisors, tells GlobeSt.com. He says the neighborhood fell under some scrutiny, causing the arrangers “to back down on the leverage in order to execute the loan.”

Lynn and Brandon Miller, a Metropolitan Capital senior associate, put together a 10-year financing package with a 6.57% fixed interest rate. The deal took six weeks, start to finish, from the time that the investor placed the purchase option with seller, Weber & Co. of Dallas, who retired construction financing with the sale.

The fully leased center’s line-up, all tied to five- to seven-year leases, consists of Mattress Firm, Payless Shoes, Nextel, Game Stop, Great Clips, Wing Stop, H&R Block, Advance America, Philly Connection and Colorful Nails. The Dallas Central Appraisal District pegs the property’s 2003 assessment at close to $2 million.

Lynn is keeping the buyer’s ID under wraps, but did say that the existing portfolio has little in the way of retail properties. The buyer used 1031 Exchange proceeds from a sale in Fort Worth to acquire the Dallas center on about 1.7 acres, according to Lynn.

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