The deal involved the assumption of a $19.5 million loan and the placement of $22 million in new financing to facilitate the purchase. Both loans were secured by Newmark through its correspondent Teachers Insurance and Annuity Association of America.
The new financing included a $2.8 million funding along with the loan assumption and a $19.2 million forward commitment to fund with the purchase of the second phase of the center, scheduled for March of 2008. The loans were arranged by Newmark principals Mike Taylor and Hans Siebert. The duo says of particular interest to TIAA was the large amount of equity in the deal, which has an overall loan-to-cost ratio of 59%.
The 14-building retail center and parking garage sit on 15 acres located south of 153rd Street SE at the Bothell-Everett Highway. Tenants include Central Market, The Everett Clinic, Boston Pizza, University Bookstore and Pier 1 Imports.
The first phase, which Panos already acquired, is located south of 153rd Street SE and east of Main Street. The second phase acquisition includes the area west of Main Street. Royce Cottle of Leibsohn Co. represented Panos Properties in the deal.
Panos Properties is a family-owned investment company that owns and manages a portfolio of retail properties throughout the Puget Sound region. The company also has interests in public securities and private equity. The company was founded in 1961 by Steve Panos. His son, Tim Panos, a former investment banker, joined the company as a principal in 2002.
In addition to the Mill Creek property, Panos Properties owns and manages several shopping centers in the region, including Kirkland Square, Loehmann's Plaza, Lake City Shopping Center, Burien Shopping Center and Parkwood Plaza.
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