Poughkeepsie, N.Y. — Cronheim Mortgage, a New Jersey-based firm, has arranged a $13.5 million construction loan for the redevelopment of Poughkeepsie Plaza in Upstate New York. Originally constructed in 1958, the 170,966-square-foot shopping center includes three pad sites for a total building area of 175,743 square feet. Current tenants include Home Depot, BJ’s, Hobby Lobby and Best Buy. The loan carries a seven-year term of interest-only payments followed by a 25-year amortization period.
Dayton, Ohio — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.
Denver — JLL has secured $20 million in refinancing for Central Park Retail, a multi-tenant retail center located at 1400 Plaza Drive in the Denver-area community of Highlands Ranch. The borrower is Shea Properties. Completed in 2018, the 61,443-square-foot property is occupied by 21 national and regional tenants, including Ent Credit Union, Rock Bottom Restaurant & Brewery, Shake Shack, Starbucks Coffee, Old Chicago Pizza and Taproom, Torchy’s Tacos and Orangetheory Fitness. Additionally, the nine-building property can be expanded to 64,243 square feet via development of the final pad site. Eric …
Gurnee, Ill. — Marcus & Millichap has arranged the $10.8 million sale of a 15,577-square-foot retail center in Gurnee. Located at 6440 Grand Ave., about 40 miles north of downtown Chicago, the center was fully leased at the time of sale. The property serves as an out parcel to Gurnee Mills Mall. Austin Weisenbeck and Sean Sharko Marcus & Millichap represented the undisclosed seller in the transaction. Robert Bhat of Marcus & Millichap arranged $6.9 million in acquisition financing for the undisclosed buyer. The nonrecourse loan offers a 65 percent …
Hialeah, Fla. — BB&T has provided a $12.8 million construction loan for the retail portion of Pura Vida, a mixed-use development in Hialeah. Coral Rock Development Group and Arena Capital Holdings are developing Pura Vida, which will feature three out parcels totaling 40,000 square feet of retail space, in addition to 11,000 square feet of ground-floor retail space within the residential component. Confirmed retail tenants include a Wawa convenience store and gas station, Taco Bell restaurant, Dollar Tree store and a two-story YouFit Health Club. The retail portion is expected …
Pembroke Pines, Fla. — The Aztec Group has arranged an $18.5 million refinancing loan of an existing construction for Pembroke Centre in Pembroke Pines. Continental Casualty Co. provided the five-year, non-recourse, fixed-rate loan. The borrower, Hart Lyman Cos., delivered Pembroke Centre, a 37,900-square-foot shopping center, in 2017. Tenants include anchor Twin Peaks, Comcast, TooJay’s, AT&T, Firebirds, Pieology and Habit Burger. Howard Taft, Charles Penan and Joel Zusman of Atzec Group represented the borrower in the loan transaction.
Lafayette, La. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The loan comes with a 15-year term, a 5.4 percent fixed-rate, 70 percent loan-to-value and is partial recourse. Acadiana Mall spans 1.6 million square feet, and is located six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JCPenney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired …
Pasadena, Md. — KeyBank Real Estate Capital has provided a $26.6 million, non-recourse bridge loan to refinance Pasadena Crossroads, a 320,249-square-foot retail center in Pasadena. The loan includes funds for leasing and capital expenditures. The center was originally built in 1973 and was renovated earlier this year. Hobby Lobby, Art Van Furniture, LA Fitness and Sprouts Farmers Market anchor the property, which is 37 percent leased. Jacob Proctor of KeyBank arranged financing on behalf of the undisclosed borrower.
Hinesville, Ga. — Cohen Financial, a division of SunTrust Bank, has arranged a $17.1 million acquisition loan for Oglethorpe Square in Hinesville. Goldman Sachs provided the 10-year loan to an undisclosed borrower. Situated about 40 miles southwest of downtown Savannah, the 158,000-square-foot Oglethorpe Square, which Hutton completed in March 2017, is a fully leased retail center with tenants including Dick’s Sporting Goods, Hobby Lobby, T.J. Maxx and Ulta Beauty. The seller was not disclosed.
Miami Beach, Fla. — Whitman Family Development is planning a 300,000-square-foot expansion of Bal Harbour Shops, including a new Barneys New York location and three-story promenade. The company has received $550 million in financing to expand the iconic center in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. Miami-based Whitman Family Development will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. …
