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Sources of Financing
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Sources of Financing Poag & McEwen Lifestyle Centers, LLC (901-761-7604) and McWhinney Enterprises, developers of The Shops at Centerra in Loveland, CO, closed on the construction loan of $116 million from a consortium of banks lead by Bank One, NA and Banc One Real Estate Investment Corp. The Shops at Centerra is a 700,000 sq.ft. lifestyle center slated to open during October 2005. Anchors include Foley’s Department Stores, Dick’s Sporting Goods, Metrolux Theatres, Barnes & Noble and Best Buy. The center will include approximately 85 stores and restaurants.
Bayview Financial (866-903-1031) offers commercial lending through commercial direct for financing for the sale of a property and financing for a replacement property; and real estate investment properties with an inventory of properties available for identification as a replacement property. The company offers a three-step exchange, with step one being the sale of a relinquished property, step two is the identification of replacement properties within 45 days and step three is the purchase of the replacement property within 180 days.
GMAC Commercial Mortgage Corp. (215-328-3383) provided $16.5 million in fixed-rate financing for Westgate Square Shopping Center, a 104,000 sq.ft. center located at the intersection of State Road 84 and Weston Road in Weston, FL. The center is anchored by Winn-Dixie and Walgreens.
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