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CEDAR HILL, TX-A Dallas developer has obtained about $3.8 million of permanent financing with a fully leased, 25,800-sf shopping center in Southwest Dallas County as the collateral.

Jason Pumpelly, associate director in Dallas for Holliday Fenoglio Fowler LP, packaged a 10-year loan with a sub-6% fixed-interest rate for Sandler Southwest Corp. of Plano. Lehman Brothers of New York City provided the capital that replaced construction financing for the two-year-old development at the intersection of FM 1382 and US Highway 67 in Cedar Hill.

Cedar Hill Town Center, sitting on 18 acres right across the street from a Wal-Mart Supercenter and a Kroger-anchored center, is leased to Supercuts Inc., CiCi’s Pizza, Sprint and Jackson Hewitt Tax Service. The retail corridor is the primary gateway to Joe Pool Lake and sundry other recreational facilities. Cedar Hill’s five-mile area has more than 85,000 residents, of which 85% are under 46 years old. The average annual household income hovers $73,000. The city’s 5.6% annual growth rate, which adds 600 homes per year, is the highest in Dallas County’s southwest sector.

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