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Sources Of Financing
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Sources Of Financing L.J. Melody & Co. (612-336-4200) arranged $13.4 million of permanent financing for NorthPointe Shopping Center located in Modesto, CA. The 75,845 sq.ft. center consists of four separate buildings and is situated on a land area of 8.22 acres. NorthPointe is 97% leased and includes 17 tenants. Cost Plus World Market occupies a space of 17,836 sq.ft. and anchors the center. Cotenants include Pier 1 Imports, Starbucks, Quizno’s and Jamba Juice. The company also arranged financing of $14 million for the acquisition of Charleston Plaza, a center located in Las Vegas, NV. Terms of the permanent financing include a fixed-rate of 135 basis points over the 10-year treasury, for an all-in rate of 5.81%. The 229,020 sq.ft. center is 98.5% occupied and is tenanted by Sav-on Drugstore, Factory 2-U, Rodeo Discount Mall, Pizza Hut, H&R Block, Hollywood Video, Payless Shoes and shadow-anchor Albertsons.
Spence Hill Associates (571-641-3050) arranged construction and permanent financing of $5 million for Miller Place Commons, a center located at the intersection of Pipe Stave Hollow Road and Route 25 A in Miller Place, NY. The property is an existing 19,000 sq.ft. center that is being expanded via construction of an 11,000 sq.ft., freestanding CVS and a 2,000 sq.ft. Suffolk County Bank branch. Completion is slated for the Summer. In addition, the property features approximately four acres of additional land for future development. The loan is for 10 years at a fixed rate. |