Loan Orchestrated for 200,000-SF Retail Center

HAMPTON, VA-Willow Oaks Associates LLC, the owner of Willow Oaks Village Square, has secured an $8.6 million permanent loan package for the refinancing of the nearly 200,000-sf community shopping center. GMAC Commercial Mortgage’s Proprietary Lending Group came through with the funds.

“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.