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MOBILE, AL-A joint venture between Kimco Realty Corp. and GECommercial Finance has obtained $26.5 million to finish upgradingthe 525,505-sf Mobile Festival Centre. The JV inherited the assetin late 2005.
According to David M. Fishler, vice president with the New YorkCity office of lender Capmark Finance, the JV acquired the1970s-built center on 53.5 acres at 3725 Airport Blvd. as part of alarger company merger. "Kimco has multiple branches in the company.One deals with their real core, stable assets, then they haveanother tier, which handles value-added properties. This is in thattier," Fishler says.
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