LLENROCK GROUP CLOSES ON $11.5 MILLION BRIDGE LOAN FOR FREDERICK, MARYLAND SHOPPING CENTER
PHILADELPHIA, PA (January 14 , 2012) – Llenrock Group, an independent real estate finance and advisory firm, is pleased to announce it has secured $11,500,000 in financing for the owner of Vista Shops, a community shopping center in Frederick, MD. The 110,000 SF shopping center at 1080 W. Patrick Street 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 bridge loan from RAIT Financial Trust, including $500,000 to fund build-outs for future tenants.
The landlord, Broad Street Capital, LLC, will use this financing to further stabilize and lease its property before seeking permanent financing. Broad Street Capital purchased the property in 2006 from United Healthcare, which used the facility as a call center. 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 Broad Street sufficient time to boost occupancy and NOI.”
Located on Frederick’s “Golden Mile” retail corridor, Vista Shops is easily accessible from Interstates 70 and 270. The shopping center is currently 80% occupied.