JV Seeks $52M Financing for Mayfaire Town Center

WILMINGTON, NC-The developer of Mayfaire Town Center here is seeking a $52-million financing for the 59-acre, 401,000-sf retail center. Brody-Zimmer Development, a joint venture of locally based Zimmer Development Co. and BrodyCo of Greenville, NC, has retained an investment bank to source the fixed-rate financing.Mayfaire Town Center is 80% leased to the likes of Hecht’s, Ann Taylor, Williams-Sonoma, Barnes & Noble, Linens ‘n Things and Michaels. It is the first phase of a 394-acre, master-planned community that will include apartments, condominiums, office buildings, a luxury hotel and additional retail space. Once completed, the project will include 950,000 sf of retail, including a 16-screen Consolidated Theater. The project is located along Military Cutoff Road between Route 74/76 and Route 17 (Market Street), and has 1.6 miles of frontage.”We are seeking $52 million to take out the construction loan, with a 10-year term and 30-year amortization,” says John Levy of the Richmond, VA-based John B. Levy & Co., the investment bank. “Additional phases are not included as part of the collateral.” Levy adds that he expects the project will appeal to both portfolio lenders and securitization programs.Wilmington is located in New Hanover County, which was recently ranked by USA Today as one of the top 100 Atlantic Coastal Counties for investment. The area enjoys above average income with a median household income of $55,998; 44.9% of the market is college educated and the average household net-worth hovers at $575,000 within a one-mile radius. Verizon recently announced a new call center in the community and GE Nuclear Engineering, a unit of GE Power Systems, is relocating its global headquarters here from San Jose, CA.