There's been a continued rise in cash-out refinancing across shopping malls and retail centers, according to Patrick Ward, president at MetroGroup Realty Finance.
He tells GlobeSt.com that, this way, retail developers can improve the curb-side appeal of their assets, which in-turn drives greater foot traffic.
For instance, his team recently completed an $18.5 million refinance of a 56,173 square-foot unanchored retail center in northern San Diego. It was to update the center, accordingly, and appeal to changing consumer demand.
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