PORTLAND-Center Oak Properties LLC has secured $35.1 million in short-term financing for the recently renovated Mall 205 shopping center in suburban Portland. The three-year, floating-rate loan was made through GMAC Commercial Mortgage Corp.

The 400,000-sf mall is 83% leased. The loan allows Center Oak to pay off the construction loan and facilitate lease up for an eventual sale or refinance to a permanent, fixed-rate loan, says Paul Brindley, the broker with Holliday Fenoglio Fowler who sourced the funds. “This redeveloped mall is in the final stages of re-leasing;” said Brindley. “We negotiated favorable terms that will give Center Oak the ability to earnout additional proceeds as leasing occurs.”

Mall 205′s renovation included a new interior color scheme and lighting, renovated restrooms, food court and parking lot, and new architectural features and exterior facades. Mall 205 is anchored by Home Depot and 24-Hour Fitness (opening this month). A two-level, 178,000-square-foot Target, the largest in the state, is slated to be open soon.

“Everybody loved the fact that Home Depot is part of the mall, and the same goes with Target, though it owns its property,” Brindley tells GlobeSt.com. “The mall was clearly broken and it has clearly been upgraded.”

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