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Finance

Carillon Point
FinanceNewsWashington

Gantry Arranges $190 Million in Financing for Carillon Point Mixed-Use Property Near Seattle

by Julia Sanders

Kirkland, Wash. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.

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FinanceNew JerseyNews

Cronheim Mortgage Arranges $9.6 Million Acquisition Loan for Southern New Jersey Shopping Center

by Julia Sanders

Vineland, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.

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Queens Mixed Use
FinanceNew YorkNews

Emerald Creek Capital Provides $15 Million Bridge Loan for Mixed-Use Building in Queens

by Julia Sanders

New York City — Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in Queens. The property includes 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.

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ConnecticutFinanceNews

Axiom Capital Arranges $11 Million CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut

by Julia Sanders

Fairfield, Conn. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house retailers including Aldi and Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.

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Town and Country Plaza
FinanceFloridaNews

JLL Secures $26.6 Million Refinancing for Town and Country Plaza in Miami

by Julia Sanders

Miami — JLL has secured a $26.6 million refinancing for Town and Country Plaza, a 94,815-square-foot, fully-occupied shopping center in an infill location in Miami. Chris Drew, Brian Gaswirth and Reid Carleton of JLL secured the 11-year, full-term interest-only loan through The Guardian Life Insurance Co. of America on behalf of the borrower, MMG Equity Partners. Town and Country Plaza is anchored by Sedano’s Supermarket and home to tenants including Sherwin-Williams, Navarro Discount Pharmacy, Goodwill, Express Auto Care and Discount Auto Parts.

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FinanceNew JerseyNews

Axiom Capital Places $17.8 Million Loan for Refinancing of Retail Building in Hillsdale, New Jersey

by Julia Sanders

Hillsdale, N.J. — Axiom Capital Corp. has placed a $17.8 million loan for the refinancing of a 63,000-square-foot retail building in the Northern New Jersey community of Hillsdale. An undisclosed bank provided the loan to the borrower, a private investor and developer. The property has been leased to a single tenant on a triple-net basis since 1979 and was also renovated between 2016 and 2017.

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Shoppes at Perry Crossing
FinanceIndianaNews

Parkview Financial Provides $34 Million Bridge Loan for Lifestyle Center in Suburban Indianapolis

by Julia Sanders

Plainfield, Ind. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans …

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CaliforniaFinanceNews

JLL Secures $23 Million Construction Loan for Redevelopment of Pico Rivera, California Shopping Center

by Julia Sanders

Pico Rivera, Calif. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Located at 9050-9200 Whittier Blvd., the Crossroads Plaza Shopping Center …

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CaliforniaFinanceNews

BridgeCore Capital Provides $12.4 Million Loan for Shopping Center Acquisition in Atwater, California

by Julia Sanders

Atwater, Calif. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a fixed 6.9 percent interest rate and 24-month term, including two six-month extension options.

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FinanceNew YorkNews

Houlihan-Parnes Receives $3.3 Million Loan for Refinancing of Manhattan Retail Property

by Julia Sanders

New York City — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.

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