The three-year loan was structured with a bridge loan for an existing 42,280 sf of inline space and construction financing for a 6,014-sf Johnny Carino's. The Austin-based restaurateur holds a long-term lease for the pad site. Brad Donnell, senior director for Dallas-based Metropolitan Capital Advisors Ltd. arranged the floating interest rate loan at 1/4% above prime through Colonial Bank of North Dallas. Shafer Plaza 21 is the borrower of record.
Donnell says the second phase is 85% leased. It includes a Colter's BBQ restaurant. Carino's is slated to open in the second quarter. There also is room to develop another pad site to house a 20,000-sf tenant. As for the third phase, Donnell says Shafer will be courting another big box for the anchor. Office Depot and Bar S Ranch Store make up the first phase to the project.
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