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HOUSTON-The Center at Fuqua, a six-building, 103,282-sf shopping center here, had its construction financing retired with a $10.2 million, fixed rate, non-recourse loan from GE Asset Management Inc. of Stamford, CT. The moderately leveraged loan has a 12-year, fully amortized term. The interest rate, which was described as “competitive” was not disclosed.

The loan was arranged by John Burke, senior director/senior vice president with the local office of NorthMarq Capital Inc. The borrower, 12800 Fuqua Ltd., is a private, locally based investment group with a portfolio of retail and industrial product.

During the construction phase, the property, which is situated on 19.6 acres at 12800 Gulf Freeway, was converted from an Auto Nation car sales facility into a multi-tenant shopping center. At the closing of the loan, more than 90% of the center was leased and negotiations were underway for the balance of the space. Tenants include Cut Rate Fishing Tackle Unlimited and the Fox and Hound English Pub & Grille. The six buildings that comprise the center range between 15,000 and 25,000 sf.

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