Boston-based Fleet Financial Group has provided $38.2 million to an affiliate of Birmingham, Ala.-based AIG Baker Shopping Center Properties LLC for the development of The Forum at Gateways Shopping Center in Sterling Heights, Mich. The 368,000 sq. ft. center will be anchored by Wal-Mart, Farmer Jack supermarket and AMC Theatres. Two other banks participated in the loan.
-based AMRESCO Capital LP has arranged $3.5 million in first-mortgage financing for the refinancing of Wells Plaza Shopping Center in Wells, Maine, for Wells Plaza LLC. The 94,664 sq. ft. center is anchored by Ames department store.
-based Heitman Finance Group arranged a two-year, $15 million loan to an Illinois limited liability company for the construction of Baker Hill Shopping Center in Glen Ellyn, Ill. The 135,000 sq. ft. center will be anchored by Dominick's grocery store. Dallas-based Guaranty Federal Bank F.S.B. provided financing.
Heitman also arranged a $14.5 million first-mortgage loan to an Illinois limited liability company for Geneva Crossing Shopping Center in Carol Stream, Ill. The 121,000 sq. ft. center is anchored by Dominick's. New York-based Nomura Asset Capital Corp. provided financing.
Northbrook, Ill.-based Fortune Financial Corp. has arranged $4.35 million in long-term, fixed-rate, non-recourse financing for two Shopko Shopping Centers in Wisconsin. The 32,000 sq. ft. Eau Claire center is anchored by Shopko and includes Blockbuster Video, Myrons Hallmark and TCBY among its tenants. The 53,000 sq. ft. Wausau center includes Goodwill, Jeri's Hallmark, Shopko Optical, Sally's Beauty Supply and Book World among its tenants. Chicago-based Banc One provided financing.
The Tri-Stone Cos. of Boca Raton, Fla., has arranged $9.1 million in long-term, permanent financing to Alafaya Square Associates Ltd. for Alafaya Square Shopping Center in Oviedo, Fla. The 140,843 sq. ft. center is anchored by Publix. The Fort Lauderdale, Fla., office of Chicago-based Heller Financial provided financing.