Lake Geneva, Wisc. — Anchor tenants at Geneva Square include a 50,000-square-foot Piggly Wiggly and Aurora Health Center, a 63,000-square-foot health care provider.
Cohen Financial has secured an $11 million refinancing loan for Geneva Square, a retail center located on the north end of Lake Geneva. Geneva Square is a 169,692-square-foot property, is 98 percent leased and has shown historical occupancy of 97 percent for the last five years. Anchor tenants include a 50,000-square-foot Piggly Wiggly and Aurora Health Center, a 63,000-square-foot health care provider.
Don Trossman, managing director in the Chicago office, secured the fixed-rate, seven-year term loan on a 25-year amortization and 65 percent loan-to-value (LTV) with a below 4 percent interest rate. Trossman secured the CMBS loan with Cantor Commercial Real Estate. The borrower is Lake Geneva Investors LLC and the property is managed by Schermerhorn Commercial Real Estate of Illinois. Geneva Square was built in 1980. The current owner purchased the property in 1999. Aurora Health Center became a tenant in 2005, and the Piggly Wiggly franchisee has been a tenant in the property since it was built.