The shopping center transaction updates the original acquisition loan arranged by Holliday Fenoglio Fowler in 1993.
Barbara Bozzacco of Holliday's Boca Raton, FL office and Michael Kavanau of the firm's Chicago office brokered the seven-year, fixed-rate financing through Bear Stearns Commercial Mortgage Inc., a New York-based conduit lender.
"The biggest challenges that faced this transaction were questions relative to retail value in a tourist-driven market after 9/11," Bozzacco says in a prepared statement. "However, due to the property's size and superior tenancy, its has continued to perform near the top of its competitive set.
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