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HOUSTON-A Houston developer of a 32,468-sf shopping center has replaced construction financing with $4.9-million permanent loan from GE Asset Management.

Borrower Davis Holdings LP got a 20-year loan for Royal Oaks Plaza in the Westchase submarket to replace financing from a local bank, John Burke, senior director and senior vice president in Houston for Minneapolis-based NorthMarq Capital, tells GlobeSt.com. The new financing vehicle has a fully amortized term and was floated with an interest rate of about 6%. Burke says it is “moderately leveraged.”

Royal Oaks Plaza, a neighborhood center in a high-end area of town, is situated on about three acres at 11660 Westheimer Rd. near the Royal Oaks Country Club. The fully leased plaza’s tenant roster includes Berry Hill Tamales and Tommy’s Seafood.

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