L.J. Melody arranges a $130m blockbuster.
Long term, fixed rate permanent financing for $105 million was arranged for North Hills, Kane Realty Corporation's latest development consisting of more than 700,000 s/f of retail and office space. The financing package includes an 18-month lease-up and earn-out provision. Mark Fisher arranged the financing with Archon Financial after an exhaustive marketing effort.
"This was a complex deal with a lot of players and a lot of moving parts," said Fisher, "but the teamwork between the brokers, borrower and lender made this a seamless effort."
North Hills is located at the intersection of I-440 (Inner Loop) and Six Forks Road in Raleigh, NC. The property is a mixed-use district, with a 14-screen theater, numerous restaurants, office space and a blend of high-end regional and local retailers. Contiguous with the property is the to-be-built 200+ room Renaissance Hotel, as well as a luxury residential complex currently under construction.
In the second transaction, $25 million in permanent financing was arranged on behalf of HB Nitkin for a portfolio of four retail properties located in Connecticut. The portfolio has a total of 145,000 s/f of prime retail space in some of Connecticut's best retail corridors. All four properties are conveniently located near major Interstate highways and/or major intersections. RBS Greenwich Capital provided the funding on behalf of HB Nitkin.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Mar 30, 2005|
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