The company plans to use the loan to recapitalize its Salinas power center, known as Harden Ranch Plaza. The financing will allow the owner to buy out its undisclosed institutional equity partner. Wachovia Securities has provided the ten-year fixed rate loan, which represents 75% of the center's value for the 339,000 sf of collateral included in the financing.
Neither of the center's anchor tenants, Home Depot and Target, was included in the financing, nor was a 100,000-sf building previously occupied by Montgomery Wards. However, Salinas Shopping Center Associates has secured a $10-million loan for the refinancing and tenant improvement costs of the former Montgomery Wards facility. The building has since been leased to four tenants, including Bed Bath & Beyond and American Tire Co.
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