SANTA MONICA, CA—Columbus Pacific Properties has secured three loans totaling $37 million. The funds will be used to acquire a retail property in Mississippi and to reposition two shopping centers in Arizona and Indiana. Separately, the three loans are valued at $18 million, $10.5 million and $8.5 million. CMBS lenders provided each of the loans with a 10-year fixed-rate and a 30-year amortization.

The largest of the loans will be used to refinance River Falls Mall, an 872,000-square-foot shopping center in Clarksville, Indiana that Columbus Pacific purchased in 2011. Only 287,000 square feet of the property will be refinanced. The funds will be used to settle the existing debt on the property. Likewise, the smallest of the three loans will be used to refinance a 163,000-square-foot shopping center located in Prescott Arizona. The refinance has a loan-to-value of 74%.

The remaining $10.5 million loan will be used to purchase Barnes Crossing Plaza, a 157,000-square-foot, multi-tenant retail center in Tupelo, Mississippi. A Hobby Lobby, TJ Maxx, Office Max and Weightwatchers currently occupy the center.