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GlobeSt.com EXCLUSIVE: Vestar Secures $157M in Loans for Retail Trio

PHOENIX-Vestar Inc. secures $156.7 million in three loans to replace construction financing on three power centers totaling 1.2 million sf. The loans, executed simultaneously with different lenders, carry 10-year terms at a sub-6% fixed-rate interest.

By Jennifer D. Duell | Updated on June 01, 2005

(To read more on the debt and equity markets, click here.)

PHOENIX-Prominent retail developer Vestar Inc. has obtained $156.7 million in three loans for a trio of power centers that opened this spring in the Valley. The non-recourse financing represents 80% of the loan to value of the 1.2 million sf of retail space.

“There was a tremendous amount of interest from lenders to finance these assets,” says John Smeck III, a principal with Johnson Capital Partners of Arizona LLC. “All of the centers are well-located with freeway exposure and impressive tenant line-ups. And thesponsorship was a huge part of the deals.” Vestar replaced debt for Happy Valley Towne Center at 2501 W. Happy Valley Rd. in Phoenix; Gilbert Gateway Towne Center at 14000 S. Tower Rd. in Gilbert; and Crossroads Towne Center at 3757 S. Gilbert Rd. in Chandler.

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