110,000 square foot retail
Vista Shops, a community shopping center in Frederick Maryland, is anchored by Aldi Foods and Planet Fitness, with pad sites leased to Taco Bell and Bank of America. Llenrock Group advised the owner in obtaining a 3-year, $11,500,000 bridge loan from RAIT Financial Trust, which included $500,000 to fund build-outs for future tenants. The owner, Broad Street Capital, LLC, required this financing to further stabilize and lease its property before seeking permanent financing.
Llenrock Group Senior Associate Chad Levitt explains, “Broad Street did an outstanding job repositioning the asset and leasing it up with quality tenants, but the time was not yet right to seek permanent mortgage financing. We were able to secure favorable terms on a three-year bridge loan, which will allow the sponsor sufficient time to boost occupancy and NOI.”