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Sources of Financing
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Sources of Financing NorthMarq Capital, Inc. (949-717-5210) arranged financing of $17.55 million for Chesterfield Square, a 244,000 sq.ft. center located at the intersection of Slauson and Western Avenues in Los Angeles, CA. The center will be anchored by Home Depot, Food 4 Less and Sports Americana. Aries Capital (708-488-1485) arranged financing of $22 million for the Fountains at Bay Hill, a 106,000 sq.ft. center located at 7401 and 7599 San Lake in Orlando, FL. The property has a 10-year loan with amortization of 30 years and an interest rate of 7.6%. LTV is 75%. The center is 95% occupied and is tenanted by Ruth’s Chris Steakhouse, Eckerd and Moonfish Restaurant. GMAC Commercial Mortgage Corp. (215-328-1942) arranged fixed-rate financing of $11.4 million for North Pointe Shopping Center, a 118,249 sq.ft. center located at 1515 North Pointe Drive in Durham, NC. The center is anchored by Ross, World Market, Shoe Carnival, Pier 1 Imports and Bed Bath & Beyond. AFL-CIO Building Investment Trust (202-331-8055) and Massachusetts Mutual Life Insurance Co. (413-788-8411) provided financing for Gallery Place, a 650,000 sq.ft. project that is expected to include movie theaters, restaurants and shops in downtown Washington, DC. The District completed the sale of $73.6 million in bonds, while the AFL-CIO Building Investment Trust and Massachusetts Mutual Life Insurance Co. raised $58 million. United Artists will occupy the movie theater at Gallery Place. Holliday Fenoglio Fowler, L.P. (732-512-2300) closed the financing of a $9.45 million mortgage for Greentree Square, a 110,000 sq.ft. supermarket and restaurant-anchored center in Marlton, NJ. The loan was arranged through John Hancock Life Insurance Co. on behalf of the owners of the center, Mainardi Management Co. Greentree Square is 100% occupied. Tenants include Fresh Fields, Eckerd, T.G.I. Friday’s, Radio Shack and GNC. The Houston office of Holliday Fenoglio Fowler arranged $11.2 million in financing for Santikos Investments on a pair of retail centers, including Embassy Plaza, a 117,500 sq.ft. center located at the southwest corner of U.S. 281 and Bitters Road in San Antonio, TX, and Century Plaza, a 58,200 sq.ft. center located at Military Drive and Interstate 35 near South Park Mall in San Antonio, TX. Tenants at Embassy Plaza include Tuesday Morning, Sherwin Williams, Laser Quest and the Embassy Skate Center. Tenants at Century Plaza include Sherwin Williams, HB Zachary Co. and Eye Masters. The loan is a fixed-rate, 10-year term. Both San Antonio properties are 95% occupied. |