NORFOLK, VA-Acting on behalf of the property owner, an affiliate of Thor Equities LLC, Carlton Advisory Services has closed on a refinancing deal valued at $68 million for the Gallery at Military Circle. Carlton Group chairman Howard L. Michaels, working along with colleagues Neil Bane and Matthew Meek, orchestrated the transaction.

“This financing was undertaken to accurately reflect the value of the property which had appreciated under Thor Equities’ expert management,” Michaels tells, explaining the purpose for the refinancing. “Carlton arranged long-term fixed-rate financing at an attractive rate that the client was unable to achieve independently.” Thor Equities acquired the 938,000-sf shopping mall in 2002 for $51.5 million.

Located on a 76-acre site near the intersection of I-64 and I-264, the Gallery at Military Circle was once known as the Military Circle Mall. Today the regional shopping center boasts a bevy of big-name anchors, including a 128,000-sf Sears store, Hecht’s, JCPenney, an 84,000-sf 18-screen Cinemark Theater, as well as a 208-room Doubletree Hotel. With well over 120 specialty stores, the single-level indoor mall with eight outside pad sites is currently leased to 96.2% capacity.

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