PALM BEACH, FL-As building starts to resume in South Florida, Kite Realty Group Trust is getting in on the action. Kite just closed on a $62 million construction loan for Delray Marketplace, a shopping, dining and entertainment center under construction in Delray Beach.
“We believe this loan says that there is capital available to the higher quality sponsors, projects and tenants,” Ashley Bedell, project manager at Kite Realty Group, tells GlobeSt.com. “Lenders are being very selective.”
Bank of America and US Bank financed the construction loan. The loan bears an interest rate of LIBOR plus 175 to 200 basis points, and has a three-year term with an option to extend for an additional two years. The grand opening is scheduled for November 15, 2012.
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