PHOENIX-With its 10-year mortgage near maturity, Arcadia Crossing, a 452,127-square-foot grocery-anchored center, has obtained a $24.5 million fixed-rate loan from a domestic bank to take out the conduit loan.
Cynthia Hammond of Churchill Commercial Capital Inc. sourced the loan for the borrower, a company sponsored by the Fry family, which operates the grocery store that anchors Arcadia Crossing. She tells GlobeSt. that the new loan is structured with senior and subordinate loans from the same lender to maximize proceeds.
The new loan was able to take out 94% of the existing conduit loan and represented a 70% LTV. It offers a blended interest rate in the 7% range and is partial recourse, Hammond says.
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