It extends for a term of 19 years, and the proceeds reflect a loan-to-value ratio of approximately 85%.
John D. Harris Jr., JDN's chief financial officer, attributes the attractive rate to the quality of the property.
West Valley Marketplace, located on US 22 outside Allentown, is a 241,082-sf shopping center anchored by a Wal-Mart Supercenter. It was completed last year and is not fully leased.
Meanwhile, JDN also closed a $30-million first mortgage loan on its University Hills Shopping Center in Denver, providing the company with a total of $50 million in secured financing.
Proceeds from the West Valley mortgage loan is being used to pay down thecompany's revolving credit and "provide . . . additional liquidity at attractive long-term rates to assist in the execution of our development program," Harris says in a statement.
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