An East Dallas shopping center — which recently landed a new 9-screen Alamo Drafthouse Cinema — has secured a $15 million bridge redevelopment loan to replace a loan on 6770 Abrams Road in Dallas, which is undergoing a massive transformation. An affiliate of Retail Plazas Inc. has landed a three-year, interest-only interim loan through Interbank, a privately held bank operating under Olney Bancshares of Texas Inc. The loan has a 3.9 percent interest rate. Berkadia, which helped secured the loan, has worked with borrowers for more than two decades and are bullish on the redevelopment of the high-profile shopping center at the corner of Skillman Avenue and Abrams Road. "I've seen them time and again transform properties, such as Skillman-Abrams, into stabilized assets with substantial cash flow and equity enhancement," said Joe Hevey, managing director of the firm's Dallas office, in a statement. Retail Plazas acquired the property in February and worked with Berkadia to secure the short-term financing to buy the shopping center at the time. This new loan will replace the acquisition loan. Alamo Drafthouse, an Austin-based food, drink, movie and events venue, is expected to open as the shopping center's key anchor tenant in early 2017.
- Dallas Business Journal, August 29, 2016