Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc., originated refinancing loans totaling $32 million for its conduit. Prudential provided QS Marketplace LP with a $29 million, 10-year loan that has a 5.81% interest rate and amortizes over 30 years. Prudential also funded a $3-million, 10-year mezzanine loan to the partnership for which an interest rate was not released.
Built between 1998 and 2003, Quail Springs Marketplace is 95% occupied. Anchor tenants include The Gap/Old Navy, Office Depot, Ultimate Electronics, Michael's, Petsmart, Ross Dress for Less and Just for Feet.
The city retail market includes about 190 retail centers containing more than 22 million sf of space. Average occupancy is in the 90% range.
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