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CBRE Secures Construction Financing for Mixed-Use Development in Rogers, Arkansas

by Hayden Spiess

Rogers, Ark. — CBRE has secured financing for the construction of Pinnacle Springs, a mixed-use development located in Rogers. Upon completion, the project will comprise 362 apartments and 91,000 square feet of retail space. A 37,000-square-foot Whole Foods Market will anchor the property. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE arranged the financing on behalf of the borrower and developer, SJC Ventures. Arvest Bank provided uncrossed construction loans for the project, and Dome Equities provided both common and preferred equity investments in the multifamily component. The project …

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Company newsFinanceNewsPennsylvania

Rite Aid Files for Chapter 11 Bankruptcy, Receives $3.4 Billion for Debt Restructuring

by Hayden Spiess

Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …

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FinanceNewsWisconsin

Bernard Financial Group Secures $10.1 Million Acquisition Financing for Retail Center in Wisconsin

by Hayden Spiess

Waukesha, Wis. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot retail center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.

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CaliforniaFinanceInvestment salesNews

3650 REIT Provides $71.5 Million Acquisition Financing for Retail Center in Metro Sacramento

by Hayden Spiess

Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.

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FinanceIllinoisInvestment salesNews

IPA Arranges $11.5 Million Acquisition Financing for Retail Center in Illinois

by Hayden Spiess

Champaign, Ill. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square, a retail center located in Champaign. PetSmart, Staples, Ulta Beauty, Dollar Tree, Party City, Rally House and Citi Trends anchor the property, which was 99 percent leased at the time of financing. Adam Mengacci of IPA secured the ten-year commercial mortgage-backed security (CMBS) financing on behalf of the undisclosed borrower. 

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FinanceNewsTennessee

JLL Secures $125 Million Refinancing for The Avenue Murfreesboro in Metro Nashville

by Hayden Spiess

Murfreesboro, Tenn. — JLL Capital Markets has secured a $125 million loan for the refinancing of The Avenue Murfreesboro, an 846,467-square-foot retail center located in Murfreesboro, roughly 35 miles outside Nashville. Built in 2007, the property was 93.1 percent leased at the time of financing. Tenants at the center include Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture, Burlington, Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Cost Plus World Market, Ulta Beauty, Hollister, Buckle, Torrid and Sephora. Chris Drew, Brian Dawson and Matt Casey of …

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CaliforniaFinanceNews

Walker & Dunlop Arranges $39.9 Million Refinancing for Orangefair Marketplace in California

by Hayden Spiess

Fullerton, Calif. — Walker & Dunlop has arranged a $39.9 million loan for the refinancing of Orangefair Marketplace, a 244,000-square-foot retail center located in Fullerton. Riley Manke and Andrew Westling secured the financing through Morgan Stanley on behalf of the borrower, Columbus Pacific Properties. 

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FinanceGeorgiaNews

CBL, Horizon Group Secure $79.3 Million Refinancing for Outlet Mall in Woodstock, Georgia

by Hayden Spiess

Woodstock, Ga. —Joint venture partners CBL Properties and Horizon Group Properties have secured a $79.3 million loan for the refinancing of The Outlet Shoppes of Atlanta, a retail outlet property located in Woodstock. The 10-year, fixed-rate financing replaces two existing loans with a total balance of $69.5 million that were set to mature this November. The property features 103 retailers, including American Eagle Outfitters, Auntie Anne’s, Athleta, Banana Republic Factory Store, Champion, Forever 21 and GNC, among others.

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ConnecticutFinanceNews

Houlihan-Parnes Arranges $2.6 Million Refinancing for Retail Center in West Haven, Connecticut

by Hayden Spiess

West Haven, Conn. — Houlihan-Parnes Properties has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a retail center located in West Haven. Tenants at the property include Family Dollar, Peoples Bank and Dunkin’ Donuts. Built in 1985, the center was 80 percent leased at the time of financing. Jeremiah Houlihan and James Coleman of Houlihan-Parnes secured the 10-year financing on behalf of the undisclosed borrower. 

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ColoradoFinanceNews

Essex Financial Arranges $13 Million Acquisition Financing for Summer Valley Shopping Center in Aurora, Colorado

by Hayden Spiess

Aurora, Colo. — Essex Financial Group has arranged $13 million in financing for the acquisition of Summer Valley Shopping Center in Aurora. Blaire Butler and Matt Perigard of Essex’s Capital Markets team secured the 10-year, fixed-rate loan on behalf of the undisclosed buyer. Summer Valley Shopping Center was 99 percent leased to 18 retailers at the time of financing. Tenants at the property include VASA Fitness and Dollar Tree.

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