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PRESS RELEASE
$104,000,000
Shopping Center Development Loan
Mesa, Arizona
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New York:
Winter & Company has structured a $104,000,000 loan package to complete the development of a 497,000 SF shopping center in Mesa, Arizona.
The loan package has several components including senior, subordinate and mezzanine financing, as well as an 18-month forward commitment for a
10-year, fixed-rate loan to take out the senior construction financing. In addition, Winter & Company was able to arrange for the Borrower to rate-lock the permanent loan several weeks prior to closing the development package - just before the recent run-up in interest rates.
Henry Berliss, Executive Vice President, and Gerald Drogin, Vice President of Winter & Company, arranged the loan package with the Phoenix office of a major commercial bank. Berliss and Drogin had previously arranged a $34,000,000 development loan for a Chandler, Arizona shopping center for the borrowers, an active Scottsdale-based retail development firm.
This 497,000 SF center is shadow-anchored by a Super WalMart. Major tenants include Kohl's, Best Buy, Bed Bath & Beyond, Staples, Ross Dresses For Less, PetsMart, Babies R Us, LA Fitness, and Dickenson Theatres.
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CONTACT:
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