LAS VEGAS-Locally based retail developer Juliet Cos. has paid off the interim construction loan for its 650,000-sf Blue Diamond Crossing retail development here with a $69.5-million loan from TIAA-CREF, according to Newmark Realty Capital, which arranged the loan.

Located at Blue Diamond Road and Valley View Boulevard, the center is anchored by Target, which owns its own property, as well as Kohls, Ross, Petco, Cost Plus and Office Depot. The loan commitment included forward rate lock and earn-out funding provisions to address the need for permanent financing on the center’s final phase of shops and pads currently under development, according to Newmark.

The financing was arranged by Newmark principals Peter Welsh and Braden Turnbull, as well as VP Chris Funai; Funai, who was closest to the deal, could not be reached Monday afternoon for comment. The retail center is a key component of the 110-acre Blue Diamond Business Center, which has been master planned for 1.5 million sf of retail, industrial and office space.

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