$41m construction deal has firm excited.A joint venture between Lane Industries, Inc. and J.F. McKinney & Associates have secured construction financing for a mixed-use office and retail development which upon completion will feature a 216,000 s/f Class A office tower, 27,000 s/f of for-sale office condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. space, 20,000 s/f of in-line retail space and three free standing retail pads totaling 3.4 acres, which can be developed with 15,000 s/f. The project, located at the southwest corner of Ray Road and the 101 Freeway will be dubbed dub 1 tr.v. dubbed, dub·bing, dubs 1. To tap lightly on the shoulder by way of conferring knighthood. 2. To honor with a new title or description. 3. The Park at San Tan TAN See tax anticipation note (TAN). . Fremont Investment & Loan provided a $41,500,000 loan for the acquisition and development of the site, announced David Sotolov, vice president, senior loan originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting in Fremont's Phoenix office. The debt was arranged by Ken Labbe of Cove Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors. The construction loan closed on February 10, 2006. "Fremont is very positive about the growth in the East Valley and recent large corporate expansions in the area. "We are excited to be a part of this development in bringing more high-end office and retail product to the market" said Sotolov. |
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