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.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.