General Growth Properties repaid $391 million of near-term maturity mortgage loans, following another recent closing with respect to the staged funding of its $1.75 billion secured loan facility. The company's total outstanding loan facility now amounts to $1.41 billion. The company plans to add additional lenders to the loan facility until the total amount funded reaches $1.75 billion.
Inland Real Estate Corp. received a $140 million loan to help reduce the balance on its existing unsecured line of credit and retire remaining 2008 secured maturities. The current loan will mature in September 2010.
CB Richard Ellis Debt & Equity Finance procured a $60 million permanent loan for Aviation Plaza, a 445,208-sq.-ft. power center in Linden, N.J. The loan featured a 5.96 percent interest rate. James Gunning and Donna Falzarano negotiated this transaction.
Holliday Fenoglio Fowler, L.P. arranged $46.5 million in debt and equity for the construction of Pacific Station, a mixed-use project in Encinitas, Calif. When completed, Pacific Station will feature 38,500 sq. ft. of retail, 10,000 sq. ft. of office space, 47 residential units and an underground parking garage. Tim Wright, Rob Hinckley and Zach Koucos negotiated this transaction.
Meridian Capital Group arranged a $39.5 million development loan for North Haven Commons, a 200,000-sq.-ft. retail center in North Haven, Conn. Upon loan completion and stabilization, the borrower, Eclipse Development Group, will have the option to convert it into a three-year mini permanent loan.
Holliday Fenoglio Fowler, L.P. negotiated the sale of the Courtyard Shops at Wellington, a 127,000-sq.-ft. retail center in Wellington, Fla., from AEW Capital Management to Federal Realty Investment Trust for $37.9 million. Danny Finkle, Manny de Zarraga and Luis Castillo, of Holliday Fenoglio, represented the seller in the transaction.
Capmark Finance Inc. originated a $30.5 million loan for the refinancing of Carmel Mountain Ranch Town Center, a 172,272-sq.-ft. shopping center in San Diego.
Coreland Cos. has been appointed as a management agent for 1.5 million sq. ft. of retail space in Southern California. Coreland will manage 47th Street Pavilion, Vernola Marketplace, Talega Village Center, Redlands Town Center, Porter Ranch Shopping Center, Diamond Hills Plaza, Mission Plaza and Centre Pointe Marketplace.
The Bieri Co. has been appointed as a real estate advisor to the Mall of America, a 4.2-million-sq.-ft. retail complex in Bloomington, Minn.
Wien & Malkin Strategic Capital V contributed $14 million to a $28 million preferred-equity investment to recapitalize the Fashion Outlets of Niagara Falls, a 530,000-sq.-ft. mall in Niagara Falls, N.Y.
Faris Lee Investments negotiated the sale of a 15-property portfolio occupied by Del Taco to Innovative Property Partners, LLC for $24 million in a sale-leaseback transaction. The properties are located throughout Arizona, California and Nevada. Faris Lee Capital placed the financing for the buyer.
Holliday Fenoglio Fowler, L.P. secured a $21 million bridge loan for Shore Mall, a 626,133-sq.-ft. regional mall in Egg Harbor Township, N.J. The loan features a 36-month term. John Taylor and Jim Cadranell negotiated this transaction.
Equity One, Inc., in a joint venture with an affiliate of DRA Advisors LLC, acquired three value-added properties in South Florida for $53 million. The properties included Plantation Marketplace, a 230,330-sq.-ft. community shopping center in Plantation, Fla.; Penn Dutch Plaza, a 155,628-sq.-ft. neighborhood shopping center in Margate, Fla.; and 1900/2000 Offices, a 116,777-sq.-ft. office complex in Boca Raton, Fla. The joint venture is split 80/20 between DRA and Equity One.
Marcus & Millichap Real Estate Investment Services negotiated the sale of a 24-store Dollar General portfolio located throughout Texas and Alabama for $20 million. Douglas Passon, Brandon Duff, Tim A. Speck and Andrew Clark, of Marcus & Millichap, negotiated this transaction.