PHILADELPHIA-Goldenberg Group's Phase 1 of Columbus Commons, the 647,000-sf retail power center on the former CSX railyard site at Columbus Blvd. and Snyder Ave., obtained $25 million in permanent fixed-rate financing. The term is for 10 years, Robert Freedman, Goldenberg's SVP and general counsel, tells GlobeSt.com.
Edward D. Riedlinger, GMAC Commercial Mortgage Corp.'s SVP and managing director of the local loan origination office, arranged the loan through GMACCM's proprietary lending group. Neither he nor Freedman disclosed the rate.
Calling Columbus Commons "a signature center for a repeat client," Riedlinger said, "this center contributes to the rebirth of Columbus Blvd … and promises to attract shoppers not only from Philadelphia, but also from New Jersey because of its strong tenant mix and convenient location near the Walt Whitman Bridge."
"The financing allows us to retire our floating-rate construction loan," Freedman says. According to earlier GlobeSt.com reports, total development cost of phase one was $55 million.
The center opened in August 2004 with a 315,000-sf Ikea as shadow anchor, quickly followed by a 161,000-sf Lowe's. "Both shadow anchors own their buildings," Freedman says. The remaining retail space is leased, and he says one 13,500-sf unit remains available. Among the tenants are a 30,000-sf Best Buy, a 35,000-sf Linens 'n Things, a 12,800-sf R&S Strauss and a 10,700-sf Pier 1 Imports.
Phase 2, located on a 6-acre parcel north of Columbus and Snyder, opens this spring. "It contains a Bank of America pad, a Famous Dave's BBQ pad, and 30,000 sf of retail space, of which one 6,500-sf unit remains available," Freedman says.
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