Scott Manlin, vice president and regional manager of Fremont, says the company took the unusual step of backing the entire loan, rather than seeking other lenders to take part in it, because the developer made a significant equity investment in the project and has the support of local officials. The San Diego company is developing the project in a public-private partnership with the Village of Glenview.

OliverMcMillan broker ground for The Glen Town Center in July and the project is scheduled to open Sept. 30, 2003. Retailers, which have already leased 300,000 of the available 470,000 sf of space, include the Von Maur department store chain, Crown Theatres and Borders Books and Music. The stores will share space inside the historic Hangar One building, which was an integral part of the Glenview Naval Air Station for almost 70 years.

OliverMcMillan is a 24-year-old development company that builds urban retail, entertainment and mixed-use projects primarily through public-private partnerships. It is currently developing $125 million of urban loft projects in San Diego and a $45 million mixed-use project in the west Los Angeles area of Culver City. The OliverMcMillan-designed, $120 million Queensway Bay waterfront project in Long Beach, California, "The Pike," also broke ground this year.