PLAINFIELD, IN-Retail developer Premier Properties USA Inc., through subsidiaries Metropolis Perm I LLC and Metropolis II Construction LLC, has borrowed $120.9 million for the refinance and improvement of the 505,185-sf lifestyle retail center Metropolis. The company opened the outdoor mall, anchored by JC Penney, Dick's Sporting Goods and Barnes and Noble, in 2005, and it now includes about 60 stores. Another phase is planned, and Premier expects to have at least 2.3 million sf of retail and other mixed-use properties on the site in the next few years.
The loan consists of a $95 million fixed-rate senior loan that will be securitized, and a $25.9 million floating-rate loan that will be retained by Hypo Real Estate Capital Corp., a member of Hypo Real Estate Group, which closed the loan for Premier. Proceeds from the senior loan are going to refinance existing debt for the center, and the balance of the loan will be used to help fund tenant improvements for an additional 92,457 sf of retail and office space.
Premier reportedly is spending about $127 million to build the Metropolis complex. Representatives from Premier could not be reached for comment, and a Hypo official did not return a call for comment.
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