Crossroads obtained the funding from Denver-based Newman Financial Services' Structured Products Group, according to Jay Rollins of Newman.

Rollins tells GlobeSt.com that 93% of the existing space at the center was leased at the time the loan closed, and construction was 72% complete on new space that includes 50,000 sf of big box retail and 21,700 sf of pad sites.

The bridge loan was for $23.4 million at an interest rate of 30-day Libor plus 300 basis points, while the tenant improvement loan was for $4.5 million, which was held back while awaiting new leases to be signed. It was priced at 30-day Libor plus 400 basis points. The $4.5 million mezzanine loan was granted at a debt coverage ratio of 1.0, based on existing leases, but that figure is expected to improve to 1.28 if leasing efforts are successful. The interest rate is initially fixed at 17% for the mezzanine financing, but it is structured to drop to 10% if leasing proceeds as planned.

Newman's Structured Products Group specializes in boutique real estate investment banking and value-added real estate transactions for multifamily, office, retail and industrial properties. Newman Financial Services is a part of GMAC Commercial Holding Capital Corp.