Newburyport, Mass. — JLL has arranged a $7.5 million refinancing loan for Pond Street Mall, a 28,164-square-foot retail center in Newburyport, located approximately 40 miles north of Boston. Centreville Bank provided the fixed-rate, non-recourse loan to the borrower, Quincy & Co., which will use the proceeds to repay an existing loan. CVS anchors the retail center and other tenants include Young Women’s Christian Association and Panda Dry Cleaners. Lauren O’Neil and Martha Nay of JLL represented Quincy & Co. in arranging the loan. Craig Schermerhorn represented Centreville Bank on an …
Pacifica, Calif. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, …
Chesterfield, Mo. — NorthMarq has arranged a $12 million loan for the refinancing of Hilltown Village Center in Chesterfield, a western suburb of St. Louis. Anchored by Schnucks grocery store, the 141,889-square-foot retail center is located at 101 Hilltown Village Center. Jeff Chaney of NorthMarq arranged the 15-year, fixed-rate loan on behalf of the borrower, RIJO Inc. A life insurance company provided the loan, which is amortized over 25 years.
Fort Wayne, Ind. — NorthMarq has arranged a $5.9 million loan for the acquisition of Coldwater Crossing in Fort Wayne. The 89,980-square-foot retail property, anchored by Dollar Tree, is located at 5315-5515 Coldwater Road. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a regional bank.
Newburgh, Ind. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.7 million loan for the acquisition of Bell Oaks in Newburgh, a suburb of Evansville. Schnucks grocery store anchors the 95,000-square-foot shopping center. Dan Rosenberg and Matt Terpstra of Cohen arranged the 10-year, fixed-rate loan with Goldman Sachs. Midland Atlantic Properties was the borrower.
Jurupa Valley, Calif. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $9 million loan for Kite Family Limited Partnership. The funds will be used to refinance debt on Jurupa Valley Spectrum, a retail asset in Jurupa Valley. Located at 8022-8082 Limonite Ave., the 124,949-square-foot retail center was 98 percent leased at the time of financing. Jurupa 14 Cinemas occupies approximately 48 percent of the property. Other tenants include Walgreens, Starbucks Coffee and the United States Postal Service. Shaun Moothart, Bruce Francis, Bob Ybarra, Dana Summers, Doug …
Shelby Township, Mich. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 325,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The …
Lyndhurst, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed interest rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon …
Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.
Lincolnwood, Ill. — Mag Mile Capital has arranged a $12.5 million loan for the refinancing of a 63,453-square-foot retail property located at 6850 McCormick Blvd. in Lincolnwood. The property is home to Walmart’s new online grocery and consumer goods pick-up concept as well as Planet Fitness. R&R Global Partners acquired the building in November 2015, following an unsuccessful redevelopment attempt by its previous owner. The property had been vacant for more than two years after Dominick’s exited the market in 2013. Mac Dobson of Mag Mile arranged the seven-year, fixed-rate …