(For more retail coverage, click GlobeSt.com/RETAIL.)
JASPER, AL-The 10-year owner of the 287,000-sf Jasper Mall hasrefueled its till with a $12.55-million loan. The 80% loan-to-valuefinancing has retired some debt, allowed a cash-out and set up a$750,000 reserve for leasing commissions and tenantfinish-outs.
With its anchors on five-year leases, the lenders' circle, onaverage, was requiring a $750,000 reserve although Kmart andJCPenney had re-upped earlier this year, Will James, associate withCREFunding in Atlanta, tells GlobeSt.com. The advantage for the33-acre footprint at 300 Highway 78E is that it's the key piece ofretail in the city, according to James. "And," he adds, "nobody'sgoing to come in here and build another power center. It's a uniqueset of demographics in a location that is geographicallyirreplaceable."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
