Fremont's $21m aquisition loan.A partnership controlled by RESCO RESCO Rural Electric Supply Co-Operative Society Ltd (India) Development and RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) Properties based out of Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. have acquired a 7.65 acre site on Hayden Rd, north of Thunderbird thunderbird In North American Indian mythology, a powerful spirit in the form of a bird that watered the earth and made vegetation grow. Lightning was believed to flash from its eyes or beak, and the beating of its wings was thought to represent rolling thunder. Rd and south of Redfield Rd, within the Scottsdale Airpark air·park n. A small airport typically located near a business area or industrial park. . The site is currently improved with a 74,250 sf single-story office building which will be razed raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. to make way for the new project. Current plans call for a 103,000 sf single-story retail building to be called 'Showrooms on Hayden'. The building will offer 26' interior clear heights as well as various architectural amenities to create high-end showroom space within the highly desirable Scottsdale Airpark submarket. Based on the planned building heights, tenants will also have the option of adding mezzanine space to individual suites. The outlook is for 6-12 tenancies ranging in size from 10,000-20,000 square feet, consisting primarily of furniture showrooms and/or home improvement showroom and warehouse space. The project will have over 900' of frontage along Hayden Rd. located at the southeast entrance to the Airpark. Fremont Investment & Loan provided a $21,000,000 loan for the acquisition and development of the site, announced David Sotolov, Vice President, Senior Loan Originator in Fremont's Phoenix office. The debt was arranged by Tim Storey of Newmark Realty Capital of Phoenix. The property acquisition and loan closed on January 25, 2006. RESCO has been a very active developer of self storage facilities in California having completed 17 facilities totaling over $100MM. This will be the first joint project between RESCO and RMB Properties, and the first venture for both in the Phoenix area. |
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