NorthMarq Capital’s Atlanta office negotiates $59 million construction loan for Shops at Broad in Mansfield, Texas

ATLANTA (December 17, 2018) – Will James, vice president of NorthMarq Capital’s Atlanta regional office served as a financial advisor in sourcing a $59 million construction loan for Shops at Broad, a 215,000 sq. ft. retail property to be built on Broad Street and Highway 287 in Mansfield, Texas, a suburb of Southwest Dallas. NorthMarq’s Bobby Wienberg and Phil Askew assisted in the lender search with the client.  The transaction was structured with a 3-year interest-only term. The loan was sourced from syndicated foreign private pension funds. The property is shadow anchored by At Home, Academy Sports, Dr. Pepper Dallas Stars Arena, Belk, Flix Brewhouse, TJ Maxx and a host of other prominent national tenants. The immediate primary trade area of this center has only 33 feet of retail space per person when the national average is 43 square feet.

“The closing of the construction loan marks a tremendous milestone for the Shops at Broad sponsorship that is two years in the making,” explained James. “Both the underserved retailing needs and strong household income in the area show that a modern day designed configuration of entertainment, retail, sports and apparel is exactly what this community is calling for and will be receiving in the form of a department store anchored, regional, open-air, mixed-use lifestyle center.”