Stark Enterprises Inc. of Woodmere, OH took out 80% loan-to-value, first-mortgage financing against the almost-always, fully leased 130-acre retail fortress at 6751-99 Strip Ave. NW. A Goldman Sachs contact can't discuss the borrower's plans for the capital infusion. He did tell GlobeSt.com that none of the major leases will be rolling this year although the development is celebrating its 10th birthday. The anchor line-up includes a 149,429-sf Wal-Mart, 130,497-sf Lowe's Home Improvement Warehouse, 90,584-sf Giant Eagle, 15-screen Cinemark USA Inc., 42,296-sf Best Buy and 32,946-sf Marshall's.
James Leonard and Lindee Flater with Minneapolis-based Pinnacle Financial Group Inc. arranged the financing for Robert Stark, CEO of Stark Enterprises and sponsor for the transaction. The Goldman Sachs contact says sponsorship, location and cash flow set up the winning formula to get the lender's nod for the fixed-rate loan.
"The Strip is an exceptionally successful development and we couldn't have been more pleased with the ease of the refinance with the Goldman Sachs team," Stark says in a press release. "They completed the transaction flawlessly."
The Strip, set at the Interstate 77-Portage Road intersection, is the largest development of its type in the Greater Cleveland MSA. It has more than one mile of interstate frontage.
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