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GlobeSt.com UPDATE: Ellman Gets Short-Term Bridge Loan

GLENDALE, AZ-To keep construction moving, the Ellman Cos. gets a loan with a 3.5-year term at a floating interest rate of 350 basis points for a $97.5-million package collateralized by the 505,000-sf first phase of Westgate City Center.

By Amy Wolff Sorter | Updated on August 22, 2005

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

GLENDALE, AZ-The Ellman Cos. secures a bridge loan to keep construction moving on the 505,000-sf first phase to the mixed-use Westgate City Center.

Jeff Teetsel with Fremont Investment & Loan’s Phoenix office arranged a floating-rate package at 350 basis points over a six-month period. Construction began last fall on the 223-acre development, which will total 6.5 million sf at build-out.

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