JACKSONVILLE, FL-The 850,000-sf River City Marketplace retail center on Duval Road has received $110 million in permanent financing. Terms of the financing, which was used to repay existing debt including a construction loan, include a 10-year interest only loan at a fixed rate of 5.43%.
The financing was arranged by CBRE/Melody director Michael Strober, who is located in Tampa, through J.P. Morgan. Strober tells GlobeSt.com that the borrower was Farmington Hills, MI-based Ramco Gershenson, the developer of the center.
The existing space at the retail center, located on 90 acres at the interchange of Interstate 95 and Airport Road just north of Interstate 295, was constructed in 2006. It is the largest shopping center in the north Jacksonville market. At the time of the financing, it was 95% leased with shadow anchors Wal-Mart SuperCenter and Lowe's and other tenants including Ashley Furniture, Bed Bath & Beyond, Best Buy, Gander Mountain, Michael's, Office Max, Old Navy, PetSmart and Ross Dress for Less.
Construction is still continuing at the center. When fully built out, it will contain 1.2 million sf of retail, restaurant and service space, Strober says.
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