(To read more on the debt and equity markets, click here.)
MESA, AZ-Three months into the hold, a Newport Beach, CA investment group has secured an $11.4-million loan for the 71,150-sf Mercado Fiesta Shopping Center. The 10-year loan replaces debt that was assumed when the center was bought.
Timothy Storey of the San Francisco-based Newmark Realty Capital Inc. arranged the financing for Jakosky Properties through New York City lender, Morgan Stanley Mortgage Capital Inc. The new loan has a 5.15% fixed-rate interest and 30-year amortization.
"Jakosky paid about $13.4 million back in May to acquire the center so this is just a refi of that loan," explains Chad Metzger, an associate with Newmark Realty. At this time, there is no plan to pull equity out of the 1457 W. Southern Ave. shopping center, he tells GlobeSt.com.
Built in 1981, Mercado Fiesta Shopping Center, a seven-acre neighbor to the 1.3-million-sf Fiesta Mall, is 97% occupied. The current stack of leases runs through 2015, he adds. The roster includes Renal Care Group, Metropolitan Mattresses, Pier 1 Imports, Starbucks and SuperCuts. Jakosky is trying to fill the one vacancy in the center, but nothing, as yet, has been firmed up, according to Metzger.
Metzger says this is the third such financial deal put together by Newmark for Jakosky over time. "Nothing else is in the works for them," he says.
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