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Three-Month Owner Repackages Shopping Center Debt

MESA, AZ-Jakosky Properties of Newport Beach, CA borrows $11.4 million to replace debt that it assumed in May to acquire the Mercado Fiesta Shopping Center. The new financing comes with a 10-year term and 5.15% fixed-rate interest.

By Amy Wolff Sorter | Updated on August 16, 2005

(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.

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