Shopping Center Business

SEP 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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14 • SHOPPING CENTER BUSINESS • September 2018 NEWSLINE M O N E Y M AT T E R S METLIFE, NORTHWESTERN MUTUAL PROVIDE $450 MILLION LOAN FOR BROADWAY PLAZA IN CALIFORNIA MetLife Investment Management and Northwestern Mutual have provided a $450 million, fixed-rate loan for Broadway Plaza, a 958,000-square-foot, open-air retail center in Walnut Creek, California. The 12-year loan was provided on behalf of the property owner, a joint venture between The Macerich Co. and Northwestern Mutual. Broadway Center, which originally opened in 1951, underwent a renovation in 2014 that more than doubled the shopping center space, adding more than 50 new retailers. The center is 98 percent leased and anchored by Nordstrom, Neiman Marcus and Macy's. Additional tenants include Aldo, LUSH, Madewell, lululemon athletica, Nespresso, Zara, Kate Spade and Sephora, among others. HFF ARRANGES $104 MILLION LOAN FOR WHOLE FOODS-ANCHORED RETAIL, MULTIFAMILY PROPERTY IN INDIANAPOLIS HFF has arranged a $104 million loan for the refinancing of 360 Market Square, a 27-story retail and residential property located at the former Market Square Arena site in Indianapolis. David Keller and Adam Mallory of HFF arranged the floating-rate loan through Heitman LLC on behalf of the borrower, Flaherty & Collins Properties. Proceeds of the loan will be used to retire existing construction financing. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground- level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space. OCEAN BANK PROVIDES $60 MILLION LOAN FOR REFINANCING OF SHOPPING CENTER IN MIAMI Ocean Bank has provided a $60 million loan for the refinancing of Kendall Village, a 256,000-square-foot shopping center in Miami. Ocean Bank provided the loan on behalf of the borrower, Kendall Village Associates LLC. The center is fully leased to tenants such as Regal Cinema, Old Navy, Gap, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports and Duffy's Sports Grill. Kendall Village was constructed in 2000 and renovated in 2005. The next phase of the project, which will include an 82,311-square-foot Floor & Décor, is currently under construction and scheduled for completion in the first quarter of 2019. KEYBANK PROVIDES $35.3 MILLION ACQUISITION LOAN FOR RETAIL CENTER IN ARIZONA KeyBank Real Estate Capital has provided a $35.3 million acquisition loan for Market at Estrella Falls, a 292,034-square-foot retail center in Goodyear, Arizona. Jacob Proctor of Key's Commercial Mortgage Group arranged the 10-year, fixed-rate financing with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The sale also included an adjacent vacant lot for future development. Burlington, TJ Maxx, HomeGoods and C-A-L Ranch Stores anchor the Market at Estrella Falls. AVISON YOUNG SECURES $32 MILLION ACQUISITION LOAN FOR MAPLE AVENUE SHOPPING CENTER IN METRO D.C. Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square- foot retail property in Vienna, Virginia, located 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores. UBER CAPITAL SECURES $24.1 MILLION REFINANCING FOR LOGAN VALLEY MALL IN PENNSYLVANIA Uber Capital Group has secured a $24.1 million loan for the refinancing of Logan Valley Mall in Altoona, Pennsylvania. Joel J. Gorjian of Uber Capital arranged the fixed-rate loan with a 25-year amortization schedule through a regional bank based in Pennsylvania. The name of the borrower was not disclosed. The two-story Logan Valley Mall totals 785,000 square feet and houses more than 80 tenants including JC Penney, Macy's, Sears and AMC Theatres. 360 Market Square includes 42,000 square feet of ground-floor retail anchored by Whole Foods Market.

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