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DENTON, TX-Marching into Texas with a $58.57-million financing,the La Jolla, CA-based Scripps Investments & Loans Inc. hascleared the way for the 1.3-million-sf Northlake Town Center tobecome reality. The lender's first deal in the state is a 62%loan-to-value package of seed and construction capital at a blendedfixed- and floating-rate interest averaging 13%.

Developer Eric Cox, president of Trophy Design & DevelopmentAssociates of Tarrant County, put $5 million on the line to securethe Scripps loan, which is an interest-only vehicle with an18-month term plus up to two years of extensions, according toDavid Braga, a Scripps underwriter who helped to package the deal.He tells GlobeSt.com that the $19.1 million of construction fundsfor the estimated $220-million retail project will be released whenthe developer meets preleasing or presale conditions that requiresigned contracts with one anchor, one major retailer and amulti-screen theater. And, the prediction is that will happenwithin six months of the 157.87-acre acquisition from a localfamily, HT Properties LLC.