MECHANICSBURG, PA-GMAC Commercial Mortgage Corp. provides $8.3 million in financing for the acquisition and development of a site on which Lowe's will build a 173,500-sf home improvement warehouse store. The parcel is located at Carlisle Pike and Van Patten Drive in Hampden Twp., the former site of a manufactured housing company.
David M. Fishler, GMACCM VP in the New York loan origination office, arranged the transaction through his company's construction lending division. The borrower is identified as RB Mechanicsburg Associates LP, an affiliate of a New York City-based national retail owner/developer, "a repeat client for GMACCM," Fishler says. "We were able to structure, underwrite and approve the loan within a timeframe that allowed the borrower to adhere to a tight development schedule, so the site can be delivered to Lowe's, which will build its own store."
Lowe's has announced that the store is expected to open in second-quarter 2005. It estimates the construction cost at $18.5 million. This store will replace an existing Lowe's at 6520 Carlisle Pike and will contain a 35,000-sf garden center. Lowe's currently has 46 stores in Pennsylvania and eight more under construction. They are in East Cain Twp., Pottstown, Somerset, Lehighton, Upper Moreland, Clearfield, Matamoras, and Warren, PA. In all, the Wilkesboro, NC-based retailer has more than 1,025 stores in 45 states. In fiscal 2003, it generated $30.8 billion in sales.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.