$64M Package Refinances Four Centers

(To read more on the debt and equity markets, click here and for more retail coverage, click GlobeSt.com/RETAIL.)

COLUMBIA, MD-A joint venture between Kimco and UBS has secured a $64.26-million refinancing package for their four retail centers. Totaling 763,466 sf, they are located in suburban Washington, DC.

Capmark Finance Inc. has provided the financing. David Fisher, a vice president in Capmark’s New York City office, handled the transaction but didn’t disclose terms of the loans. “The deal was somewhat complex, based on the four different borrowing entities, and the need to address various legal structuring issues,” Fisher says. However, Capmark “was able to close the four loans according to the original terms in the application, within the agreed upon timeframe.p>The properties are Columbia Crossing, Harper’s Choice, Hickory Ridge and Dorsey’s Search Village Center. Columbia Crossing is a 468,000-sf power shopping center, built in 1997 and is located on 7.6 acres on Dobbin Road and Maryland Route 175. Kimco-UBS owns 73,299 sf of the property which includes a 16,000-sf Old Navy store and 11 smaller tenants.