(For more retail coverage, click GlobeSt.com/RETAIL.)
LEOMINSTER, MA-Lisciotti Development Corp. has received a $35.2-million loan to refinance the Orchard Hill Park retail center. GE Real Estate, an affiliate of GE Commercial Finance, provided the loan for the $60-million, 191,000-sf park. The project, located on Route 2 in Leominster, is expected to be complete in the spring of 2007.
Greg Lisciotti, owner of Lisciotti Development Corp., tells GlobeSt.com that the financing, provided by GE Real Estate, an affiliate of GE Commercial Finance, will go to pay off a construction loan on the project.
The center's anchors opened last October. Kohl's, Dick's Sporting Goods and Bed, Bath & Beyond anchor the retail center. The entire complex is 95% leased, says Lisciotti. Other tenants include Verizon Wireless, Game Stop, Chili's Restaurant and Payless ShoeSource.
The developer recently completed the project's 125,000-sf Target and is currently wrapping up construction on the 30,000-sf Best Buy and two freestanding restaurants; Olive Garden and TGI Friday's.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
