Prudential Finances Weingarten Property (6/11)
Jun 11, 2009 8:00 PM
Prudential Mortgage Capital Co. closed a $103 million loan for a portfolio of properties owned by Weingarten Realty Investors (NYSE: WRI). The portfolio totals more than 881,000 square feet of space and includes properties constructed between 1966 and 1991 in suburban San Francisco, Los Angeles and Albuquerque, N.M. All of the centers are grocery-anchored by either Raley’s, Albertson’s or Whole Foods.
The fixed rate loan featured a 104-month term.
“The real estate expertise of Weingarten Realty Investors, combined with a strong portfolio of grocery-anchored retail centers, made this an attractive opportunity for Prudential Mortgage Capital,” said Paul Geyer, the Prudential Mortgage principal who arranged the transaction, in an official statement. “This loan highlights our strong commitment to providing quality loans and excellent service to our borrowers and we look forward to working with this borrower in the years to come.”
In February, Prudential Mortgage Capital announced it planned to close $7 billion in commercial mortgage loans in 2009.
Other Notable Deals
CBL & Associates Properties, Inc. received commitments totaling $510 million, or 91 percent of the total, to extend or modify its $560 million unsecured line of credit. If CBL exercises its one-year extension option, the credit facility is currently scheduled to mature in August 2011. The commitments would allow CBL to convert the credit line into a secured facility over an 18-month period and extend the maturity date to April 2014. Under the terms of the existing agreements, the commitments would allow CBL to retire a number of non-recourse, property specific mortgages over the next three years and then pledge the assets as collateral to secure the credit facility….Kimco Realty Corp. (NYSE: KIM) and Prudential Real Estate Investors sold the 66,000-square-foot Glen Cove Shopping Center in Vallejo, Calif. to Yacoel Properties LLC for $12.9 million. The transaction featured a cap rate of 7.71 percent and a price tag that was $350,000 below the original $13.25 million asking price. Terranomics Retail Services represented Kimco in the transaction. Another Kimco property, the 106,000-square-foot Ukiah Crossroads in Ukiah, Calif., is currently under contract….NorthMarq Capital arranged an $11.1 million first mortgage for the 171,901-square-foot Moonlite Shopping Center in Santa Clara, Calif. The loan, arranged through ING USA Annuity and Life Insurance Co., featured a five-year term and a 25-year amortization schedule. ING, which currently does not lend on retail properties, made an exception for Moonlite Shopping Center because of its infill location and because the center’s owner is an existing client of the company…. EagleBridge Capital arranged a $5.4 million permanent acquisition loan for CVS Plaza, a 5,000-square-foot strip center in Tiverton, R.I. The center is currently being redeveloped for multi-tenant use and will soon add on a 13,500-square-foot freestanding CVS pharmacy…. Dockerty Romer & Co. arranged a $3 million loan for a 27,900-square-foot, unanchored retail strip center in North Palm Beach, Fla. The property is more than 90 percent leased. The loan featured a 6.25 percent interest rate, a three-year term and a 25-year amortization schedule. It was arranged through a regional bank…. Cohen Financial secured loans totaling approximately $2.25 million for two retail properties in Arizona. The properties include a 3,015-square-foot Circle K gas station and convenience store in Phoenix and a 2,550-square-foot Econo Lube N’ Tune in Peoria. Both loans featured a 6.5 interest rate, fixed for five years, and a 10-year term.
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