Las Vegas — PEBB Enterprises has received a $36.2 million refinancing for Cheyenne Commons, a 325,425-square-foot retail center located at 3001 N. Rainbow Road in Las Vegas. The property was 94.2 percent occupied at the time of financing by tenants including a 114,513-square-foot Walmart, Floor & Décor, Goodwill and Ross Dress for Less. City National Bank provided the financing, terms of which were undisclosed.
Glendale, Ariz. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.
Edwardsville, Glen Carbon and Highland, Ill. — NorthMarq has arranged a $12.5 million loan for the refinancing of a five-property retail portfolio in metro St. Louis. The centers, built between 1998 and 2019, total about 110,000 square feet and are located in Edwardsville, Glen Carbon and Highland. Jeff Chaney of NorthMarq arranged the fixed-rate loan, which features a 20-year term and a 20-year amortization schedule. A life insurance company provided the loan to the borrower, R.L.P. Development Co. Inc.
Woodinville, Wash. — NorthMarq has secured $2.5 million in financing for the $6.9 million acquisition of Hilltop Retail Center, a 15,094-square-foot property located roughly 20 miles northeast of Seattle in Woodinville. The center was constructed in 2008 at 15610 Woodinville-Duvall Road and was fully leased at the time of sale. Bob Spiro and Scott Moline of NorthMarq secured the permanent-fixed loan, which features a 20-year term, on behalf of the undisclosed borrower through a life insurance company.
West Hollywood, Calif. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is …
North Haven, Conn. — Cronheim Mortgage has secured a $23.5 million permanent loan for North Haven Pavilion, a 148,277-square-foot shopping center located north of New Haven. Tenants at the property include Michaels, Wendy’s and Hartford Healthcare. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of National Realty & Development Corp., which originally developed the center in 2004. The loan carried a 10-year term and a 30-year amortization schedule.
Medford, Ore. — BridgeCore Capital has provided $2.6 million in acquisition financing for a Barnes & Noble property in Medford. The fixed-rate financing features a 70 percent loan-to-purchase value and a 12-month term. The undisclosed borrower in the transaction was acting in a 1031 exchange. Further details on the property were undisclosed.
Where are the opportunities in today’s single tenant net lease (STNL) market? The ever-changing nature of today’s retail environment has placed an emphasis on finding the best properties, while compressed cap rates and rising interest rates have created obstacles for investors looking for yield. Rent increases, tenant types, lease timelines and risk tolerance are all on the minds of established investors in the market as well as those looking to enter the arena for the first time. Regarding the new tenant entries to the net lease market, Curtis Hodges, senior vice …
Monroeville, Pa. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031 exchange.
Escondido, Calif. — BridgeCore has provided a $2 million bridge loan for the refinancing of a retail property located at 607 W. 9th Ave. in Escondido. The undisclosed borrower required a bridge loan to refinance a matured loan and to obtain cash-out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to two of the in-line units. Family Dollar occupies the retail property. BridgeCore funded the loan with a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off …
