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Two Unanchored Retail Centers Leverage $25M Refinance

SEDONA, AZ-The owner of Sinagua Plaza and Canyon Portal Retail Center gets $24.7 million in a seven-year package with a 5.9% fixed-rate interest. The 29,989-sf Sinagua Plaza is 95% leased while its sister property, totaling 48,500 sf, is 100% occupied.

By Jennifer D. Duell | Updated on January 12, 2005

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SEDONA, AZ-A major real estate owner has refinanced two of his retail centers in the Oak Creek part of the city.

Al Spector has secured nearly $25 million from JPMorgan Mortgage Capital by refinancing Sinagua Plaza, a 29,989-sf shopping center, and the adjacent Canyon Portal Retail Center, a 48,500-sf, mixed-use development. The upscale centers along Highway 89A are roughly 15 years old. The loans were arranged by Craig Johnson, executive vice president and COO of Chicago-based Aries Capital.

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