Kitley declined to reveal the interest rate of the loan, but, through a spokesperson, tells GlobeSt.com it was "a 10-year, fixed rate deal with five years of interest only, at a very competitive rate." In a statement, he credits GMACCM's "ongoing relationship with Kramont, stemming back to 1998," with affording his company "the opportunity to access the capital markets for this transaction."
A 42,487-sf Genuardi's supermarket and an 8,452-sf Eckerd drug store anchor Village at Newtown. Among the other several dozen tenants, which encompass national and regional retailers and restaurants, are Radio Shack, General Nutrition Center, and Amazon Café. It is approximately 92% leased.
As of June 30, 2004, Kramont owned, operated, managed, or had under development 92 properties in 16 states with an aggregate of almost 12.2 million sf. Approximately 80% of its shopping centers are anchored by grocery, drug, or value-oriented stores. GMACCM has a servicing portfolio of more than $241 billion.
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