The mall was built in 1967 and renovated by Ram when the company acquired it in 1999.
The property combines a 129,000-sf concert/market stall area, occupied by local tenants with short-term leases, with 181,000 sf of traditional retail.
Anchors Marshall's, Burlington Coat Factory, and an Atlanta-based Farmers Market grocery store fill the traditional 181,000-sf area. Under Ram, occupancy at Plaza Fiesta has risen from 65% to 97%.
Chicago-based iCap Realty advisors, which provided the original acquisition financing for Ram, also obtained the current $19-million, fixed rate mortgage through an undisclosed correspondent lender.
It is a permanent, 10-year loan, using a 30-year amortization. The mortgage represents 72.5% of the property's appraised value.
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