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GMAC Secures $14.5-Mil Permanent Financing for Grapevine Mills Retailers

GRAPEVINE, TX-The 98% leased Grapevine Mills, one of the state's largest retail centers, snags permanent financing for projects completed in the past year. The properties had been privately financed, says GMAC.

By Connie Gore | Updated on November 30, 2000

GRAPEVINE, TX-GMAC Commercial Mortgage Corp., based in Horsham, PA, has secured $14.5 million in permanent financing for Grapevine Mills II LLC for four stores completed in the past year at a North Texas mega-mall.

The mall expansions, GlobeSt.com has been told by GMAC, had been privately financed. The permanent financing is for the 200,000-sf Bass Pro Outdoor World, 30,000-sf Sun & Ski Sports, 23,000-sf Iguana Ameramex and 78,000-sf Polar Ice.

Grapevine Mills II LLC is getting an eight-year fixed-rate permanent loan at 8.39% interest, with repayment based on a 30-year amortization. The borrower is a joint venture of the Mills Corp., Simon Property Group and Kan Am. BMAC’s conduit, CII, in New York City has arranged the financing for the properties, which are part of the state’s largest retail center, a near 1.5-million sf complex situated on 200 acres.

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