(Read more on the debt and equitymarkets.)
PHOENIX-A local developer has pulled an 11-property, class Aretail portfolio off the market, opting instead to refinance itwith two loans totaling $271 million. Asset owner PDG America alsobrought a capital partner into the 1.67-million-sfmix.
According to Patrick Dempsey, principal with the Phoenix officeof Lee & Associates, the local seller had every intention ofdisposing of the portfolio when it was first introduced to themarket in July 2006. "The seller made the decision to proceed withredevelopment of certain components of the portfolio and add valuewhile bringing in a structured finance partner," says Dempsey, whowith Lee & Associates principals Jan Fincham and Kevin Kopp,marketed the package.
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