BEL AIR, MD—At the start of the month we reported that the Festival at Bel Air, a 437,227-square foot retail center was trading for $113 million, or $258 per square foot, and a 6% cap rate.
This week CBRE Capital Markets' Debt & Structured Finance team has provided more details about the transaction, namely that it has arranged $79.2 million in permanent financing for the locally-based grocery-anchored retail center.
The loan carries a seven-year term with three years of interest-only, at a rate of approximately 3.9%, and an approximate LTV of 70%. Financing was provided by TIAA-CREF.
Mike Riccio, Susan Larkin and Anna Pfau of CBRE's Hartford, CT, office, and David Webb, Erik Binkowski and Jamie Butler from CBRE'S Washington, D.C., office, arranged the financing on behalf of the borrower, a private real estate fund advised by Crow Holdings Capital – Real Estate.
Located just northeast of Baltimore, Festival at Bel Air is 99% leased to 69 tenants and is anchored by a 62,741-square-foot ShopRite. Other tenants include A.C. Moore, Petco, Marshalls and Kohl's.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
