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IRVING, TX-The developer of a newly completed 18,770-sf retail center has swung construction financing to a permanent vehicle, securing $4.7 million from JPMorgan Chase in New York City.

Lansdowne Development Inc. of Dallas locked in a 10-year loan with a 30-year amortization at a sub-6% fixed-rate interest, William L. Jackson, senior vice president and managing director in Dallas for Minneapolis-based NorthMarq Capital Inc., tells GlobeSt.com. The collateral is the fully leased Tuscan Retail Center at the intersection of MacArthur Boulevard and Tuscan Road in Irving’s Las Colinas development. The center, which opened doors earlier this year, is anchored by Fidelity Investments, one of seven tenants with long-term leases in place.

Jackson says there were a number of lenders interested in anteing up the capital. “JPMorgan provided the most flexibility,” he says. NorthMarq investment analysts, Lauren Mussalem and Mark Halford, assisted with the refinance.

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