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$10M Loan Fuels 46,871-SF Shopping Center Project

MESA, AZ-Arivest Corp. finds 100% of the capital needed to build Kiowa Village Retail Center, securing a $9.8-million loan with a one-year, interest-only term at a rate of prime plus 2%. The project was 27% preleased at the closing.

By Jennifer D. Duell | Updated on May 13, 2005

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MESA, AZ-A Phoenix-based developer, Arivest Corp. has secured a $9.8-million loan to cover 100% of the construction tab for Kiowa Village Retail Center, a 46,871-sf unanchored development. The under-construction center will be completed in early 2006.

Oak Brook, IL-Inland Mortgage Capital Corp. provided the loan, which has a one-year, interest-only term and two six-month extensions for the 5.2-acre project at the intersection of Power Road and Kiowa Avenue. The interest rate is prime plus 2%, which is about 8% right now, according to Craig C. Johnson, executive vice president and COO for Aries Capital Inc.’s Phoenix office.

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