INDIANAPOLIS—Indianapolis-based Kite Realty Group Trust has closed on a $23 million construction loan for its Four Corner Square redevelopment property in Maple Valley, Wash. Construction has begun on the project, which is 84 percent leased or committed.
The construction loan was financed by U.S. Bank and bears an interest rate of LIBOR plus 225 basis points, and has a three-year term with an option to extend for an additional two years.
Major tenants Johnson’s Home & Garden and Grocery Outlet are scheduled to open in the first quarter of 2013 with Walgreens scheduled to open in the third quarter of 2013.
Upon completion of the redevelopment, the center will be expanded from 44,000 sq. ft. to 109,000 sq. ft. and also include three additional outparcels.