QUEEN CREEK, AZ-Vestar has secured aseven-year, permanent loan totaling $63.5 million to refinance itsQueen Creek Marketplace. The 686,000-square-foot power center wasrefinanced by Bank of America.

Developed in 2008, Queen Creek Marketplace is at Ellsworth LoopRoad and Rittenhouse Road. More than 40 national and regionalretailers are at the power center including Kohl's, RossDress for Less, Sport Chalet and Bed Bath &Beyond. The property is shadow-anchored by a SuperTarget, which was not part of the loan. Furthermore,a Harkins Theatre has plans to develop a 14 screen megaplex at thecenter which is anticipated to open in late 2014. The asset iscurrently 92% occupied.

“The current state of the finance market and our strong positionin the marketplace provided us an opportunity to secure long-termfixed rate financing at a historically low interest rate,” saysEd Reading, vice president of finance at Vestar ina press release. Representatives involved with the transaction werenot available for comment.