Dayton, Ohio — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.
Duluth and Fayetteville, Ga. — Grandbridge Real Estate Capital has provided a pair of acquisition loans totaling approximately $20 million for two retail centers in metro Atlanta. In the first deal, the company provided a $9.8 million loan for Reynolds Crossing, a 148,809-square-foot center located in the northeastern Atlanta suburb of Duluth. That loan carried a seven-year term, fixed interest rate and a 25-year amortization schedule. In the second transaction, Grandbridge closed a $10.2 million loan for Togwotee Village, a 109,680-square-foot center in Fayetteville, located 22 miles south of Atlanta. …
With lenders getting more granular in underwriting, retail borrowers are finding a backstory helps to promote their properties. By Taylor Williams Lenders and borrowers alike have come to recognize some fundamental truths of the retail financing market in the e-commerce era: Most big box users need to downsize their store footprints and prototypes; new construction in urban settings needs food and entertainment components; and friendly loan terms are increasingly predicated on the sponsor’s track record. Direct lenders of all types have remained active in the retail arena, with certain capital …
Sugar Land, Texas — CBRE has arranged a $14.2 million construction loan and $3.4 million in equity for the development of MARCEL District, a 63,000-square-foot mixed-use project in Sugar Land, a southwestern suburb of Houston. The property, construction of which is underway and expected to last about nine months, will be located within the Cross Creek master-planned development. Jeff Stein of CBRE arranged the construction loan, which carries a floating interest rate, 76 percent loan-to-cost structure and a 25-year amortization schedule, on behalf of The Marcel Group, a private developer …
Seneca Falls, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.
Birmingham, Ala. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.
Strongsville, Ohio — Berkadia has arranged a $19 million loan for Royalton Collection, a 74,000-square-foot retail development in Strongsville. HomeGoods will anchor the property, along with Panera Bread and Outback Steakhouse outparcels. Dan Geuther of Berkadia arranged the loan with CIBC Bank on behalf of the borrower, New York-based Somera Road Inc. The three-year loan represents a 73 percent loan-to-cost ratio.
Miami — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the non-recourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.
Indianapolis — FM Capital has provided a $6 million bridge loan for the acquisition of Felbram Plaza North, a retail center in Indianapolis. The 182,056-square-foot property is comprised of two buildings and an outparcel. The asset is approximately 89 percent occupied. Tenants include Shoppers World, Dollar Tree and Dollar General. The borrower was not disclosed.
Costa Mesa, Calif. — Ready Capital has closed a $20.1 million loan for the acquisition, renovation and stabilization of Back Bay Center, a mixed-use retail and office property located in Costa Mesa, California. The asset features 36,630 square feet of Class B retail space and 17,210 square feet of office space. Ready Capital National Bridge Originations Team closed the non-recourse, fixed-rate loan that features an 84-month term, 48 months of interest-only payments and flexible pre-payment options.
