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Owner Plans Upgrades With $45M Loan

HAMPTON, VA-NetCenter, a 559,600-sf office building, gets refinanced, as a $45.3-million loan closes for the funding of improvements , as well a tenant improvement activities and leasing commissions. The building began three decades ago as a shopping mall.

By Barbra Murray | Updated on December 20, 2005

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

HAMPTON, VA-A 559,600-sf office building in the Peninsula region will be submitted to an upgrade program now that a $45.3-million refinancing deal has closed. The funds will also be directed toward tenant improvements and leasing commissions.

With the assistance of Jason Roach of GMAC Commercial Mortgage Corp., borrower NetCenter Partners LLC secured an interim floating-rate loan for the property in the form of a $35.6-million initial cash sum and $9.7 million in periodic advances. NetCenter carries the address of 5200 Mercury Blvd. and sits on a nearly 39-acre parcel just blocks from the border of Newport News.

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