Commack, N.Y. —Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. Tenants at the center, which is situated on 15 acres, include Lidl, Planet Fitness and PGA Superstore. Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.
Bridge Investment, Lowe Property Group Receive $157.5 Million Refinancing for Mixed-Use Project in Salt Lake City
Salt Lake City — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use development located in downtown Salt Lake City. Part of a three-phase project, Post District features 26,000 square feet of retail space, in addition to residential units. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners.
Port Washington, N.Y. — A joint venture between PEBB Enterprises and Sagamore Hill Partners has secured $18.8 million for the refinancing of Soundview Marketplace, a 188,109-square-foot retail center located in Port Washington on Long Island. Deutsche Bank AG is providing the loan to the joint venture, which acquired the property in December 2020. The financing will include a $15.8 million initial advance, as well as $3 million allocated for future funding of capital improvements and leasing costs. Built in 1962 and 1977, the center comprises four buildings situated on 11 acres. …
Las Vegas — Calmwater Capital has provided a $23.3 million loan for the acquisition of Decatur 215, a 126,678-square-foot shopping center located in Las Vegas. An entity doing business as Decatur Palm Plaza LLC was the borrower. Tenants at the property, which was fully leased at the time of financing, include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmer’s Market, Sleep umber and Blaze Pizza. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater Capital originated the financing.
Los Angeles — Gantry has arranged a $21.6 million loan for the development of a grocery-anchored retail project in Los Angeles. Upon completion, the project will comprise 33,700 square feet. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year financing, which one of the firm’s correspondent lenders provided, on behalf of the undisclosed borrower.
Marana, Ariz. — Gantry has arranged a $7.8 million permanent loan for the refinancing of a retail property located in Marana, roughly 20 miles outside Tucson. Comprising 26,387 square feet, the property is situated within the Shoppes at Continental Ranch and shadow anchors an independently owned Safeway building and four pad buildings. Tony Kaufmann and Alex Poulos of Gantry secured the 10-year financing on behalf of the borrower.
Petaluma, Calif. — Gantry has secured a $9.5 million loan for the refinancing of Plaza North Shopping Center in Petaluma on behalf of an undisclosed borrower. Lola’s Market, CVS/pharmacy, Starbucks Coffee, GNC and Club Pilates anchor the property, which comprises 101,000 square feet. Robert Slatt, Andrew Ferguson and Maria Zwick of Gantry arranged the financing through a life company lender to replace a maturing loan from 2013.
Sun City, Ariz. — Gantry has secured a $7.5 million permanent loan for the refinancing of Sun Shadow Square, a retail center located in Sun City, roughly 22 miles outside Phoenix. Tenants at the 84,000-square-foot property include Ace Hardware, H&R Block and Archwell Health. Tim Storey of Gantry secured the 10-year financing on behalf of the undisclosed borrower.
New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …
Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …