Benjamin Glatzer, marketing director for Archon Financial, a Goldman Sachs Co. headquartered in Irving, TX, which provided the five-year, interest-only funding at a fixed interest rate of about 5%, tells GlobeSt.com that the money will allow the mall's owner, an affiliate of Manhasset, NY-based Feldman Equities Inc. to complete the renovation work by the end of next year.
"Foothills Mall is a well-performing retail center located in one of Tucson's strongest retail markets and its appeal will increase even more as a result of the current expansion and renovation," Archon Financial's loan officer James Appling, who put together the new financing package, says of the reason behind the financing deal. Among the planned renovations is the addition of 16,300 sf along with a new mall entrance for Loews Cineplex, one of the national chain's top grossing theaters, Glatzer says. Plans for the Cineplex include adding stadium seating and closing the theater's parking lot entrance in favor of the interior mall entrance, a renovation that is expected to channel more than 40,000 people per week through the mall's doors.
The five-building, 486,549-sf mall, which was built in 1981 on 53 acres at the intersection of Ina Road and La Cholla Boulevard, underwent an earlier renovation in 1996. It is presently 94% occupied with tenants that include Barnes & Noble, Linens & Things, Saks Off 5th Ave., Ross Dress for Less and Nike Factory Store. Dennis Dubin with Brandywine Financial represented Feldman Equities in the transaction.
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