Shopping Center Business

MAY 2016

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

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20 • SHOPPING CENTER BUSINESS • May 2016 NEWSLINE M O N E Y M AT T E R S MERIDIAN CAPITAL GROUP SECURES $4.8 MILLION REFINANCING FOR MIXED-USE PROPERTY IN LOS ANGELES Meridian Capital Group has secured the $4.8 million refnanc- ing of a 12,630-square-foot mixed-use property located in Los Angeles. The two-story building, located at 8431 Melrose Place, features retail and offce components, including Waterworks' new fagship showroom. Drew Anderman and Sean Robertson of Meridian secured the seven-year, fxed-rate loan on behalf of the borrower, VE Equities, through a balance sheet lender. The fnancing features no prepayment penalty, and an amortization schedule that is coterminous with the ground lease. EASTERN UNION FUNDING SECURES $8.8 MILLION REFINANCING OF TULSA PROMENADE Eastern Union Funding has secured an $8.8 million loan for the refnancing of Tulsa Promenade, a 424,633-square-foot super regional mall located in Tulsa, Oklahoma. Abe Kolman of Eastern Union arranged the low-leverage, non-recourse, fve-year loan through Ready Capital Structured Finance on behalf of the borrower, Tulsa Promenade Realty Management LLC. Dillard's, Macy's, J.C. Penney and Sky Fitness and Wellbeing anchor Tulsa Promenade. ASSOCIATED BANK PROVIDES $4.65 MILLION ACQUISITION AND CONSTRUCTION LOAN FOR RETAIL CENTER IN METRO CHICAGO Associated Bank has provided a $4.65 million acquisition and construction loan for Gurnee Investment Partners LLC to acquire land and construct a 14,800-square-foot retail center in the Chicago suburb of Gurnee, Illinois. The new center — located across the street from the Gurnee Mills Mall — is already 91 percent pre-leased to Mattress Firm, Vitamin Shoppe, Navy Federal Credit Union and MOD Pizza. Developer Shai Wolkowicki, who specializes in ownership and development of retail and mixed-use properties, owns Gurnee Investment Partners LLC. HFF ARRANGES $6.3 MILLION ACQUISITION FINANCING FOR GROCERY-ANCHORED CENTER IN ARIZONA HFF has arranged $6.3 million in acquisition fnancing for Marketplace at Signal Butte, a 116,358-square-foot, grocery-an- chored center located in Mesa. Basha's anchors the center, which is also home to tenants including Big 5 Sporting Goods, Denny's, Dollar General, Golden China, Sunrise Daycare, US Nail Spa, Edward Jones, Papa John's Pizza and H&R Block. Greg Brown of HFF worked on behalf of the borrower, Progression REI, to place the 10-year, fxed-rate loan with Wells Fargo Bank. AZTEC GROUP SECURES $26 MILLION CONSTRUCTION LOAN FOR RIVERBEND MARKETPLACE IN FORT LAUDERDALE Aztec Group has secured a $26 million construction loan for Phase II of Riverbend Marketplace, a 37-acre, Walmart-an- chored development in Fort Lauderdale, Florida. The 189,000-square-foot Walmart Supercenter opened in January 2016 and sold earlier this year for $26.1 million. Phase II of Riverbend Marketplace will consist of 83,000 square feet of retail and restaurants and fve outparcels. The borrower, an affliate of Gatlin Development Co., broke ground on Phase II earlier this month. The new tenants joining Riverbend Marketplace include Planet Fitness, Chipotle, Lucky Me and T-Mobile. The new outparcel tenants will include Wawa, Krispy Kreme and McDonald's. BANK OF COMMERCE, FHLB DALLAS FUND ADAPTIVE REUSE PROJECT IN MISSISSIPPI Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood, Mississippi. A historic building in downtown Greenwood has been transformed into a con- temporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant. BMC CAPITAL ARRANGES $3.6 MILLION ACQUISITION LOAN FOR PROPERTY NET LEASED TO WALGREENS BMC Capital has arranged a $3.6 million acquisition loan for a property net leased to Walgreens in Liberty Township, Ohio, approximately 30 miles north of Cincinnati. The 10-year, interest-only loan features a fxed rate of 5.23 percent and a 30-year amortization schedule. Jada Jordan of BMC Capital arranged the loan for the undisclosed borrower through a CMBS lender. Meridian Capital Group secured a $4.8 million refnancing of 8431 Melrose Place in Los Angeles.

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