"The borrower locked an attractive, 10-year fixed rate in a well-structured loan and we are confident the borrower will actualize the potential of this premier property," says James Abbee of Archon Financial in a statement.
Besides 92% occupancy, the center along the burgeoning North Randall Road retail corridor boasts upscale demographics. Average income in a five-mile radius around Geneva Commons is $84,000 but predictions have it rising to $112,000 in three years.
The tenant roster at Geneva Retail Co.'s asset includes Ann Taylor, Banana Republic, Barnes & Noble, Galyans, Gap, Pottery Barn, Talbots, Victoria's Secret and Williams-Sonoma.
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