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ORO VALLEY, AZ-Vestar has secured a $48.4 million, seven-year, permanent loan to refinance its Oro Valley Marketplace. In obtaining the refinancing, the Phoenix-based developer was able to retire the floating-rate construction loan it had obtained in 2010.

Ed Reading, Vestar’s vice president of finance, tells GlobeSt.com that the 521,000-square-foot retail center at Oracle and Tangerine Roads was developed in 2007 and opened in 2008. At the time, Vestar relied on variable rate debt to build the project, and when it came time to refinance in 2010, Vestar opted to extend the loan.

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