"We were able to offer attractive loan terms by fixing the rate at 5.59% for 12 years, amortizing the loan over 30 years and offering proceeds at an 80% loan-to-value," explains John C. Richards Jr., GMACCM vice president. "These terms, along with a substantial cash out, lessened the impact of the borrower paying a prepayment penalty." Willow Oaks Associates acquired the property, currently assessed at a value of $11 million, in 1997 for $6.4 million.

Willow Oaks has served as a local retail destination since its development in 1967. The property, which has since undergone expansions in 1986 and 2002, occupies a 27-acre parcel at the intersection of Fox Hill Rd. and Willow Oaks Blvd. Currently leased to 96% capacity, the shopping center features Farm Fresh, Rite Aid and Peebles as its anchors, and offers leasing rates ranging from $10 to $13 per sf.