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Sources Of Financing
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Sources Of Financing Archon Financial (972-368-2200) provided $54.8 million in refinancing for the Foothills Mall in Tucson, AZ. The refinancing will allow the mall owners to add 16,300 sq.ft. of space and revamp its 15-screen Loews Cineplex. The funding is for five years, interest only at a fixed rate of about 5%. The five-building, 486,549 sq.ft. mall is situated on a land area of 53 acres at the intersection of Ina Road and La Cholla Boulevard. It is presently 94% occupied and is tenanted by Barnes & Noble, Linens ‘n Things, Saks Off 5th Avenue, Ross Dress for Less and Nike Factory Store.
Inland Mortgage Corp. (630-218-8000) funded three first mortgages for a combined total of $31.48 million for the acquisition and construction of shopping and mixed-use centers in CA and NV. The first transaction, a $10.93 million first mortgage to Rotkin Real Estate, is for the construction of Southfork Pointe, a 66,800 sq.ft. center anchored by HomeGoods, located at the intersection of Eastern Avenue and St. Rose Parkway in Henderson, NV. The second loan, a $10.35 million first mortgage to 87th Street Plaza, is to take out the construction loan for Daly City Self Storage located in Daly City, CA. Ace Hardware anchors the commercial portion of the project.
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