POTTSVILLE, PA-Cressona Associates obtained $9.9 million in financing for Cressona Mall, a shopping center that was built in 1975 and expanded in 1991 and 1995 to its current 280,000 sf. The funding has an 80% loan-to-value ratio and provides the owner with an improved rate over an earlier mortgage and also includes additional dollars for property improvements.
Jerry Kray, a senior loan officer in the New York City office of Marcus & Millichap Capital Corp., arranged the financing through an unidentified conduit lender. It is at an undisclosed fixed rate for 10 years and six months with a 30-year amortization. "The mortgage also has an earn-out feature which can provide the owner with an additional $2 million at the same rate when a remaining 40,000-sf space is leased," he tells GlobeSt.com.
The remaining space is part of a 100,000-sf unit formerly occupied by an Ames department store, according to Kray. Ollie's Discount recently leased a majority of the Ames space. Anchor tenants at the mall include Giant Food, Staples and a CVS pharmacy.
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