MILL CREEK, WA-Panos Properties of Seattle is acquiring Mill Creek Town Center here for $70 million. A portion of the deal for the 180,000-sf, grocery-anchored neighborhood retail center closed last month and the remainder is scheduled to close next spring, according to the acquisition loan broker, Newmark Realty Capital.

The deal involved the assumption of a $19.5 million loan and the placement of $22 million in new financing to facilitate the purchase. Both loans were secured by Newmark through its correspondent Teachers Insurance and Annuity Association of America.

The new financing included a $2.8 million funding along with the loan assumption and a $19.2 million forward commitment to fund with the purchase of the second phase of the center, scheduled for March of 2008. The loans were arranged by Newmark principals Mike Taylor and Hans Siebert. The duo says of particular interest to TIAA was the large amount of equity in the deal, which has an overall loan-to-cost ratio of 59%.

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