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Hunt Properties Lands Power Center Construction Loan

TULSA, OK-The Dallas-based development, leasing and management firm secures $38.5 million in construction loan and mezzanine financing for Smith Farm Marketplace, a 498,550-sf power center to be built in Owasso, a northern suburb of Tulsa.

By Brian K. Miller | Updated on November 15, 2004

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TULSA, OK-Hunt Properties of Dallas has closed on $38.5 million in construction and mezzanine financing to develop a new power center on 54 acres in Owasso, a northern suburb of Tulsa. The development, Smith Farm Marketplace, will contain about 500,000 sf of retail space. Shadow-anchored by Target, the development site is located at the southeast corner of East 96th Street and South Garnett Road in Owasso, just north of Tulsa and close to U.S. Highway 169. Preleased tenants include PetsMart, Belks, TJ Maxx, Dress Barn, Hobby Lobby, Pier One, Linens ‘n Things and World Market. The site includes nine outparcels totaling nearly 12.2 acres that will be used as pad sites for restaurants and/or banks. The project is due for completion October 2005.”Smith Farm Marketplace has generated enormous tenant demand due to the Target shadow-anchor, the location along US Highway 169 and the growing potential customer base in the Owasso area,” says the broker who arranged the financing, Trey Morsbach, managing director of the Dallas office of Holliday Fenoglio Fowler LP.Bank of America provided a three-year, $35.2-million adjustable-rate construction loan with a 90% loan to cost. Fleet Bank (TriSail) provided a three-year, $3.3-million adjustable-rate mezzanine financing.

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