Plans for the Scottsdale project were formally rolled out in July,calling for 81,000 sf of retail space and 31,000 sf of offices on14 acres. The undeveloped site served as the collateral.
"We were looking to close the transaction quickly to honor apurchasing contract on deadline and to move ahead with plans forputting up the buildings," says NRDP president Trent Schelkopf."Completion is slated for next year."
In Los Angeles, meanwhile, locally based industrial developerMerueloMaddux picked up $8.8 million in funding from Kennedy "totake advantage of a commercial building opportunity," says aspokesman. The location of the property was not disclosed. Kennedywas brought to the borrower by Adam Petriella of Marcus &Millichap.
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