Sterling Heights, Mich. — Gov. Gretchen Whitmer and the Michigan Strategic Fund Board have approved a $270.7 million Transformational Brownfield Plan (TBP) to support the redevelopment of the former Lakeside Mall site in Sterling Heights. The proposed plan includes roughly 1,545 residential units across nine multifamily buildings ranging in size from four to five stories, including a building targeted at residents over 55 years of age. Additionally, the project will add 154,007 square feet of new retail space, a central community park and green space, as well as a mix …
Dallas — Corrigan Investments has sold Pavilion on Lovers Lane, a 113,823-square-foot neighborhood center located in Dallas. Barry Brown, Erin Myer, Wally Reid, Kristi Leonard and Luke Rogers of JLL Capital Markets arranged the sale and acquisition financing in the transaction. The buyer was a Dallas-based real estate investment firm. This acquisition marks the first time the property has ever been offered on the market. Pavilion on Lovers Lane spans two buildings and was 99.7 percent leased at the time of sale to tenants including Eatzi’s, Odelay, Stay Fit Studios and La …
Falls Church, Va. — JLL Capital Markets has arranged the $58 million sale of Barcroft Plaza, a 113,173-square-foot shopping center located in Falls Church, roughly 10 miles west of Washington, D.C. Jordan Lex and Danny Naughton of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Chris Knight and Evan Parker, also of JLL, secured the five-year, $35.9 million acquisition loan through Bank of America on behalf of the buyer, 11North Partners. Harris Teeter anchors Barcroft Plaza, which spans nearly 10 acres. Other tenants at the property include …
Moline, Ill. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza, a 389,375-square-foot power center located in the northwestern Illinois city of Moline along the Mississippi River. Walmart and Lowe’s anchor the center, which features additional tenants such as Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Joe Monteleone and Rulin Dai of Gantry represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.
San Diego — PSRS has secured $24 million in refinancing for a retail asset in San Diego. Located in the historic Gaslamp Quarter, the property offers 54,650 square feet of retail space. Tony Messiah of PSRS arranged the financing through one of the firm’s correspondent life insurance companies. The loan features a five-year term and a 25-year amortization schedule.
JLL Arranges $27.9 Million in Financing for Grocery-Anchored Shopping Center in Bristol, Connecticut
Bristol, Conn. — JLL Capital Markets has arranged $27.9 million in financing for Bristol Plaza, a 263,829-square-foot shopping center located in Bristol, approximately 20 miles southwest of Hartford, near the global ESPN headquarters. Christopher Drew, Henry Schaffer, Michael DiCosimo, Aaliyah St. Louis and Preston Bacon of JLL secured the five-year, fixed-rate loan through Voya on behalf of the borrower, Sterling Organization. Bristol Plaza, which is currently 93 percent leased, is anchored by T.J. Maxx and Stop & Shop. Additional tenants include Burlington, Dollar Tree, Five Below, Webster Bank and Starbucks Coffee.
Denver — Walker & Dunlop has arranged $130 million in financing to fund the mixed-use redevelopment of a former Veterans Affairs (VA) hospital campus in Denver. GM Development, a locally based urban infill development firm, is the borrower. Chris Rumul, Jason Silva, Cole Parker and Mike Valucci of Walker & Dunlop arranged the financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan program. This marks the largest HUD 221(d)(4) loan in the company’s history. (The 221(d)(4) loan product is HUD’s construction-to-permanent financing program that funds the …
Middletown, N.Y. — Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272-square-foot regional power center located in Middletown, about 55 miles northwest of New York City in the Hudson Valley region. Brandon Szwalbenest, Andrew Stewart, and Dev Morris of Cronheim Mortgage secured the financing through a life insurance company on behalf of the borrower, National Realty & Development Corp. The seven-year loan features a 30-year amortization schedule. Orange Plaza was 94 percent occupied at the time of sale to tenants including Walmart, Home Depot, Kohl’s, Burlington, Ross …
New York City — JLL Capital Markets has arranged $150 million in financing for the Bay Terrace Shopping Center, a grocery-anchored retail property in the Bayside neighborhood of Queens. JLL secured the loan through New York Life Real Estate Investors on behalf of the locally based borrower, Cord Meyer Development. Located at the intersection of 26th Avenue and Bell Boulevard, Bay Terrace totals 326,445 square feet and was approximately 90 percent leased at the time of financing. Anchored by Stop & Shop, the property is also home to HomeGoods, AMC …
New York City — Saks Global Enterprises has entered into a Restructuring Support Agreement with an ad hoc group of its senior secured bondholders. The company’s capital partners have committed to provide $500 million in exit financing upon the company’s emergence from Chapter 11, which is expected this summer. Saks Global is continuing engagement with its capital partners and other financial stakeholders on a ‘Plan of Reorganization’ and anticipates its filing in the coming weeks. The company is focused on achieving a double-digit adjusted EBITDA margin, establishing a foundation to unlock …
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