Craig Lockard, VP and senior loan originator for Fremont tellsGlobeSt.com that the loan covered a majority of the acquisitionprice for the property, but he could not reveal what percent or thetotal cost.
Plans for the property are currently being drawn up, with anarchitect now working on the drawings. Lockard tells GlobeSt.comthat the new building will total 500,000 sf and will contain a baselevel of retail followed by 11 floors of office space and topped by23 floors of residential units. Further details have yet to besolidified.
Lockard says construction should start by the end of this year,with the demolition of the existing buildings. As part of the deal,Lockard says Tessler and the Chetrit Group negotiated leaseterminations with the existing tenants.
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