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Finance

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FinanceNew JerseyNews

Cronheim Secures $17.5 Million Financing for Two Shopping Centers in New Jersey 

by Hayden Spiess

East Windsor and Garwood, N.J. — Cronheim Mortgage has secured $17.5 million in financing for two shopping centers in New Jersey. Andrew Stewart, Dev Morris and Allison Villamagna arranged the financing on behalf of the borrower, a New Jersey-based real estate firm that specializes in the development and acquisition of retail properties in the state. Southern Farm Bureau Life Insurance Co. provided the financing for the first property, Town Center Plaza in East Windsor. The $11 million, long-term loan features a step-down prepayment structure in the final 10 years of the …

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A&G Real Estate PartnersFeaturesFinanceIndustry ContentRetailersVideosWebinar

Webinar: Inside the Restructuring of a Retailer

by Sarah Daniels

    The Feb. 27 Shopping Center Business webinar “Inside the Restructuring of a Retailer” detailed early warning signs for retailers in distress, as well as decision-making processes and strategies to restructure inside or outside of Chapter 11. What is needed for a successful restructuring? What kind of roles do firms retained in bankruptcy cases play in arranging prep work, navigating competing stakeholder agendas and arranging critical payment dates and short-term liquidity management? Learn more from this brief one-hour discussion that covers both the headlines and the behind-the-scenes process of restructuring for retailers. Click …

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Shopping-Center_North-Hollywood-Calif
CaliforniaFinanceNews

Marcus & Millichap Secures $96 Million Refinancing for Three Shopping Centers in Southern California

by Hayden Spiess

Bakersfield, North Hollywood and Ventura, Calif. — Marcus & Millichap Capital Corp. (MMCC) has secured a $96 million loan for the refinancing of three shopping centers located in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent. 

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DevelopmentFinanceNewsNorth Carolina

BWE Arranges $24.3 Million Construction Loan for Retail Development in Southern Pines, North Carolina

by Hayden Spiess

Southern Pines, N.C. — BWE has arranged a $24.3 million loan for the construction of Phase II of Morganton Park South, a retail development underway in Southern Pines. Situated near the Pinehurst Golf Resort, Phase II is fully preleased and will house the region’s first BJ’s Wholesale Club. Phase I of Morganton Park South is occupied by tenants including Target, Dick’s Sporting Goods/Golf Galaxy and HomeGoods. Daniel Rosenberg and Logan Petersmeyer of BWE originated the interest-only loan on behalf of the borrower, Midland Atlantic Properties. The loan was underwritten with a …

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FinanceInvestment salesNew YorkNews

BWE Secures $8 Million Acquisition Financing for Shopping Center in Central New York

by Hayden Spiess

Rome, N.Y. — BWE has secured an $8 million loan for the acquisition of Freedom Plaza, a shopping center located in Rome in central New York. Tenants at the property, which totals 197,397 square feet, include Grand Union, Dollar Tree, Domino’s and Marshalls. Hobby Lobby is also scheduled to open at the property this year. Alan Tapie of BWE arranged the five-year, fixed-rate financing on behalf of the borrower, Octave Investment. 

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Quartermaster-Plaza_Philadelphia
FinanceNewsPennsylvania

DRA, KPR Secure $55 Million Refinancing for Quartermaster Plaza in Philadelphia

by Hayden Spiess

Philadelphia — A partnership between DRA Advisors and KPR has secured a $55 million loan for the refinancing of Quartermaster Plaza, a 456,208-square-foot shopping center in Philadelphia. Built in 2004, the property was 99 percent leased at the time of financing. Tenants at the center, which the partnership acquired from Cedar Realty Trust in 2022, include BJ’s Wholesale Club, The Home Depot, Sprouts Farmers Market, Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. Michael Gigliotti, James Galbally, Michael Pagniucci and Blaine Fleming of JLL arranged the financing on behalf of …

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CaliforniaFinanceInvestment salesNews

Continental Realty Corp. Secures $66 Million Acquisition Financing for Shopping Center in Metro Los Angeles

by Hayden Spiess

Costa Mesa, Calif. — Continental Realty Corp. has secured a $66 million loan for the acquisition of The South Coast Collection (SOCO), a 291,977-square-foot shopping center located in Costa Mesa, roughly 40 miles outside Los Angeles. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the five-year, fixed-rate financing on behalf of Continental. 

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FinanceMixed-useNew YorkNews

JLL Arranges $395 Million Refinancing for Mixed-Use Property in New York City

by Hayden Spiess

New York City — JLL Capital Markets has arranged $395 million in refinancing for 70 Pine Street, a mixed-use property located in the Financial District of New York City. Originally built in 1932 and renovated in 2016, the 66-story property features 39,075 square feet of retail space, in addition to 612 rental residences and a 165-room hotel. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL secured the financing through Goldman Sachs on behalf of the borrowers, DTH Capital and Rose Associates. Retailers at the building include restaurants SAGA and Crown …

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CaliforniaFinanceGrocery-anchoredNews

Gantry Arranges $12.8 Million Refinancing for Retail Property in Southern California

by Hayden Spiess

Riverside, Calif. — Gantry has arranged a $12.8 million permanent loan for the refinancing of a 99,000-square-foot retail property located in Riverside. Stater Bros. Markets, AutoZone and Ross Dress for Less anchor the property, which is situated within the Citrus Landing shopping center. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry secured the five-year financing through a life insurance company on behalf of the borrower. 

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ArizonaFinanceInvestment salesNews

Mesa South Center Receives $8 Million Acquisition Financing for Retail Center in Mesa, Arizona

by Hayden Spiess

Mesa, Ariz. — An entity doing business as Mesa South Center LP has received $8 million in financing for the acquisition of Mesa South Shopping Center, a 133,663-square-foot retail center located in Mesa. The borrower purchased the property for $15 million. Tenants at the center, which was 85.3 percent leased at the time of sale, include Big 5 Sporting Goods, Harbor Freight Tools and Dollar Tree. The property was originally built in the 1980s but has undergone renovation, including recent capital investments to the parking lot. Shaun Moothart, Bruce Francis, Bob …

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