Capmark Finance provided $70.4 million in floating-rate mortgage financing for the acquisition, which was supplemented by an undisclosed amount of equity capital contributed by a client managed by Capmark Investments LP.
Vasques declined to discuss the terms of the financing other than to say that it was interest only and floating over Libor.
"This is the second project in which we have been involved with Western Development," he tells GlobeSt.com. "We are very pleased with how they perform." He says that this current JV is a 50-50 partnership.
Major tenants of Georgetown Park include Ann Taylor, Anthropologie, Express, H&M Intermix, J Crew, the Sharper Image, Sisley's, Talbot's and Victoria's Secret.
Canal House is fully occupied by Hellmuth, Obata, & Kassabaum Inc.
There are renovations planned for both the Canal House and the mall, although Vasques declined to describe those in detail. In a statement Herb Miller of Western Development says that the company has plans to expand the mall with an upscale retail tenant.
"Having an equity capital partner will help us realize the full potential of the Shops at Georgetown Park." Additionally Bopp notes that, "The redevelopment plan for the mall required flexible financing with no prepayment penalty."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
