Shopping Center Business

MAY 2018

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

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16 • SHOPPING CENTER BUSINESS • May 2018 NEWSLINE M O N E Y M AT T E R S AZTEC ARRANGES $80.5 MILLION CONSTRUCTION LOAN FOR WALMART, HOME DEPOT-ANCHORED PROJECT Aztec Group Inc. has arranged an $80.5 million construction loan for The Pavilion at Durbin Park, an 80-acre retail project in St. Johns, Florida, located 25 miles south of Jacksonville. Jason Shapiro and Sean Harrington of Aztec Group arranged the three-year, floating-rate loan through City National Bank of Florida on behalf of the project developer, Gatlin Development Co. The Pavilion is the first phase of Durbin Park, a 1,700-acre mixed-use development that will eventually include more than 2 million square feet of retail, 2 million square feet of office space, multifamily units and a hotel. Walmart and The Home Depot will anchor the 600,000-square-foot first phase of the project. In addition, The Pavilion will include 200,000 square feet of space for junior anchors, as well as approximately 90,000 square feet for local retail and restaurant concepts. Walmart is scheduled to open in November, and The Home Depot is scheduled to open in spring 2019. The remaining portion of The Pavilion is slated for completion in summer 2019. MIDCAP FINANCIAL PROVIDES $17.9 MILLION REFINANCING FOR SHOPPING CENTER MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a grocery-anchored shopping center in Sacramento, California. The borrower, Santa Monica, California-based DPI Retail, plans to renovate and repurpose the property, formerly anchored by Kmart. A regional grocery chain and national discount department store will be the new anchors at the renovated center. Loan proceeds were used to refinance the existing debt and fund renovation, lease-up and carry costs. The Mozer team at George Smith Partners arranged the three-year, floating rate loan. KEYBANK PROVIDES $17.2 MILLION REFINANCING FOR RETAIL CENTER KeyBank Real Estate Capital has provided a $17.2 million CMBS loan for the refinancing of Henrietta Plaza, a 250,000-square-foot shopping center in Henrietta, New York. William Cassidy of KeyBank arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the undisclosed borrower. The center was built in multiple phases in 1969, 1971, 1988 and 2012, and includes four single-story buildings. Henrietta Plaza is home to 20 tenants including At Home, Staples, Big Lots, Burger King, Starbucks Coffee, Five Guys, Dairy Queen and Subway. COHEN FINANCIAL ARRANGES $11.9 MILLION REFINANCING FOR TWO RETAIL CENTERS Cohen Financial, a division of SunTrust Bank, has arranged two loans totaling $11.9 million for the refinancing of two retail centers located in Vancouver, Washington. Peter Norrie of Cohen Financial arranged a $4.7 million loan for Salmon Creek Center and a $7.2 million loan for 164th Plaza through Alaska USA Federal Credit Union. The name of the borrower was not disclosed. The five-year loans feature 25-year amortization schedules and an option to extend for another five years. CONTINENTAL PARTNERS ARRANGES $11.3 MILLION ACQUISITION LOAN FOR 102,782-SQUARE-FOOT RETAIL ASSET Continental Partners has arranged an $11.3 million loan for the acquisition of Mira Loma Shopping Center in Reno, Nevada. CVS/pharmacy and Scolari's Grocery anchor the 102,782-square-foot retail center, which was 92 percent leased at the time of sale. J.M. Grimaldi of Continental Partners arranged the loan on behalf of the borrower, a Los Angeles-based private investor. The borrower plans to implement light value-add renovations to the center, as well as remediate environmental contamination issues remaining due to a former tenant. ALLIANT PROVIDES $10.3 MILLION REFINANCING FOR RETAIL CENTER Alliant Credit Union has provided a $10.3 million loan for the refinancing of the Shops at Market Fair in Oshkosh, Wisconsin. The 89,698-square-foot retail center is fully leased to tenants such as Ulta Beauty and Wisconsin Vision. Mark Ebersold of NorthMarq Capital arranged the 10-year loan, which features a 25-year amortization schedule. East Capitol Realty LLC was the borrower.

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