Kite Realty Group Receives $87.2 Million Loan for Parkside Town Commons

by Nate Hunter

Cary, N.C. — Parkside Town Commons will be anchored by Target, Harris Teeter and Frank Theatres Cinebowl & Grille.

Cary, N.C. — Kite Realty Group Trust has received an $87.2 million loan to fund the construction of Parkside Town Commons in Cary, which is part of metro Raleigh. The 435,971-square-foot Parkside Town Commons is a multi-phased, mixed-use development. Kite Realty Group has already begun developing both phases. Phase I is 82.5 percent leased and will be anchored by Target, Harris Teeter and Petco. Phase I is scheduled to open in spring 2014, with Target opening in March 2014. Phase II, which is 60.3 percent leased, will be anchored by Frank Theatres Cinebowl & Grille, Golf Galaxy and Field & Stream. The Huntington National Bank financed the three-year loan with an option to extend for an additional four years. The loan bears an interest rate of LIBOR plus 210 basis points, which decreased to LIBOR plus 195 basis points after the completion of construction.

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