BARTONSVILLE, PA—Aztec Group, a Florida real estate investment and merchant banking firm, secured $13.2 million in financing for Bartonsville Square and $10.15 million for Bartonsville Plaza, two shopping centers located in Bartonsville, PA.
Bartonsville Square is an 80,000 square foot retail property anchored by a 50,000 square foot Dick's Sporting Goods. Developed by an affiliate of Legend Properties in 2013 and 2014, the three-building plaza is currently 95% leased and occupied.
Financing was provided by Basis Investment Group, a New York City-based conduit lender. Terms of the 10-year facility include a 75% loan-to-value ratio, a 30-year amortization schedule, several years of interest-only payments and a fixed interest rate.
The second property, Bartonsville Plaza, is a 49,000-square-foot retail complex located adjacent to Lowe's and Kohl's. Also developed by an affiliate of Legend Properties in 2009 and 2010, the four-building center is 94% leased and occupied today. Retailers at Bartonsville Plaza include: Sleepy's Mattress, Verizon Wireless, GameStop, Moe's Southwest Grill, Great Clips, Sonic and Advance Auto Parts.
The financing for Bartonsville Plaza was provided by Ladder Capital, a New York City-based conduit lender. Terms of the 10-year facility include a 70% loan-to-value ratio, 25-year amortization schedule, several years of interest-only payments and a fixed interest rate.
“The terms of these transactions speak to the strength of both ownership and the assets themselves,” said Howard Taft, senior managing director at Aztec Group, who arranged the financings with Charles Penan, director. “The refinancing of the properties is another sign that high quality, income-generating properties backed by stable owners are ripe for favorable financing terms in today's real estate market.”
Both properties are located just east of the intersection of Routes 611, 33 and Interstate 80, about five miles west of the Delaware Water Gap and the state of New Jersey.
“The sponsor's conservative loan request, proven track record and strong tenant mix enabled Aztec to arrange financing terms that truly exceeded the client's expectations,” says Penan.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
