Stanbery Obtains $30M Loan on Susquehanna Center

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HARRISBURG, PA-Columbus, OH-based Stanbery Development has obtained a $29.6-million loan for the Shoppes at Susquehanna Marketplace. The 109,853-sf lifestyle center here was completed last year.

James Cadranell, director of the Florham Park, NJ office of Holliday Fenoglio Fowler, arranged the funding. It is a 10-year, 5.1% fixed-rate, securitized loan. Terms include an 80% loan-to-value ratio with four years interest-only, after which it is amortized over 30 years. The lender is JP Morgan Mortgage Capital Inc.

The shopping center, located on a 12-acre site at 2547 Brindle Dr. at the crossroads of I 81 and I 83 in Susquehanna Twp., consists of four in-line buildings and parking for 561 cars. It was 80% leased at the time of the funding, according to Cadranell. A Stanbery spokesman tells GlobeSt.com it is now 83% leased. Among the tenants are Talbot's, Williams-Sonoma, Coldwater-Creek, Ann Taylor Loft, Starbucks, Chico's and New York & Co. "Banana Republic will soon open," the spokesman adds.

Stanbery specializes in developing lifestyle-format retail centers, primarily in Pennsylvania and New Jersey. Existing ones include the 104,500-sf Shoppes at English Village in Montgomeryville, and the 80,000-sf Shoppes at Union Hill in Denville, NJ. The 111,500-sf Shoppes at Wyomissing in Reading is scheduled to open in 2006. Other projects planned or under development are its largest projects to date. Those are the 600,000-sf Shoppes at Saucon Valley within the Stabler Center development in the Lehigh Valley, and centers in Hamilton, Old Bridge and North Brunswick, NJ. Newly added to Stanbery's development plans is a move into Florida with Shoppes at Coconut Grove, which is scheduled to open in 2007.