Thursday, July 9, 2009

Theater-Anchored Shopping Centers Paying Off for Weingarten in Florida

CLERMONT, FL—Despite lower June sales reported by almost every national retail chain, Houston, TX-based Weingarten Realty Investors states two of its Florida properties are prospering in the 20th month of the Recession.

The reason: The 341,494-square-foot Clermont Landing (bottom left photo) at Clermont and the 60,738-square-foot Epic Village (top right photo) at St. Augustine are anchored by theaters which are bringing customers from a 15-mile to 20-mile radius.

“We closely monitor the foot traffic in our centers,” says Terry R. Marks, regional development director for Weingarten Realty Investors.

“Currently, we have two Florida centers that are anchored by Epic Theatres (based in DeLand, FL, middle left photo)– Clermont Landing and Epic Village at St. Augustine. Despite the recession, these theaters are drawing customers that live 15 to 20 miles away from the centers, and these theaters are averaging 10,000 in ticket sales each week.

“If this trend holds, each theater could host more than 500,000 visitors a year. In terms of foot traffic, this demonstrates huge revenue potential for retailers in these theater-anchored centers.”

Clermont Landing is home to JCPenney, Ross Dress for Less®, Hibbett Sports®, T.J. Maxx, Michaels, Famous Footwear, rue21 and maurices, among others.
The center also has a number of restaurants such as Olive Garden and Red Lobster.

Epic Village at St. Augustine is the retail entertainment focal point of the greater St. Augustine market, which attracts approximately 6.5 million visitors each year.

Strategically located at the corner of State Road 207 and Rolling Hills Drive, the center boasts a variety of specialty shops, restaurants and family entertainment.

In addition to the 16-screen Epic Theatre complex, the center is also home to Papa’s Grill, McDonald’s, with the newest McCafĂ© concept, SunDaze Tanning, South Pole Creamery and DeLeon Pizza.

The nearest theatres are 50 miles south to Daytona and 20 miles north to Jacksonville.

Clermont Landing is a joint venture partnership between Weingarten Realty, Developers Realty and Epic Theatres.

Epic Village at St. Augustine is a joint venture partnership between Weingarten Realty and Epic Theatres.

Arbor Closes $2,025,000 Fannie Mae DUS® Small Loan for Riverhills Apartments in Grenaga, MS

UNIONDALE, NY (July 9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,025,000 loan under the Fannie Mae DUS® Small Loan product line for the 96-unit property known as Riverhills Apartments in Grenaga, MS.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service New York, NY lending office.

“The borrower’s original lender closed its doors midway through the processing of this loan,” said York. “Fortunately, Arbor was able to fund the loan in less than 40 days to accommodate the borrower’s 1031 exchange cutoff date and the purchase contract closing deadline.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,

Thomas D. Wood & Co. Finds $1.4M Construction Financing for Texas Townhomes

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on July 7, 2009, in the amount of $1,400,000 for English Village Townhomes in Arlington, Texas.

Joe Dear, (top right photo) Company Vice President, financed the English Village Townhomes through Thomas D. Wood and Company’s relationship with a national lender.
The permanent loan has an interest rate of 6.19% and a term of 10 years, based on a 30-year amortization. The loan-to-value is 65%. The 66-unit apartment complex was built in 1970, and is located at 300 W. Pioneer Parkway, Arlington, Texas.

For further information, please contact:
Joe Dear, (407) 937-0470,
Jessica Gurtowski, (407) 937-0470,
The website may be accessed through

Marcus & Millichap Capital Corp. Arranges $5.94M in 2 New Loans

TCI Michelin Building in Henderson, CO Receives $2.38M

HENDERSON, CO– Marcus & Millichap Capital Corporation (MMCC) has arranged a $2.38 million fixed-rate loan to refinance the 21,000-square foot TCI Michelin building (top right photo) located at 9156 Brighton Rd. in Henderson.

Colton Smith, an associate director in the firm’s Denver office, arranged the financing package for the single-tenant net-leased industrial property.

“The loan had a mezzanine piece behind the senior debt that made it a 79 percent combined loan to value,” says Smith.

“Additionally, the buying entity was a syndicate, which added an extra level of complexity when we were sourcing lenders. Due to the complex structure of the loan, it had been turned down by several sources before the borrower came to MMCC,” adds Smith.

“Through MMCC’s platform and local relationships, we were able to close in a timely fashion with a high LTV and other favorable rates for our client.”

Financing for this transaction was provided by a regional bank at a fixed rate of 6.95 percent. Terms of the loan are for five years with a 20-year amortization schedule. LTV was 70 percent.

“We have witnessed an increasing trend in which a number of local and regional banks are closing loans with five-year balloon payments and 20- to 25-year amortization schedules,” says Smith.

Westampton, NJ Walgreens Obtains $3.56M

WESTAMPTON, NJ– Marcus & Millichap Capital Corporation (MMCC) has arranged a $3.56 million fixed-rate loan for the acquisition of a 14,820-square foot Walgreens located in Westampton, New Jersey.

James Conley, a director in the firm’s Philadelphia office, arranged the financing package for the single-tenant Walgreens property.

“By utilizing MMCC’s platform, we were able to access our extensive lender base,” says Conley. “We found a lender who met all of the client’s loan terms and we were able to close in 45 days.”
Financing for this transaction was provided by a regional bank at a fixed rate of 6.2 percent. Terms of the loan are for 10 years with a 30-year amortization schedule. Loan to value was 55 percent.

“What sets this transaction apart is that MMCC structured the loan with an additional funding clause that allowed the client to borrow up to 70 percent in additional funds within the first 36 months of the loan,” adds Conley.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Mark One Capital Arranges $2.65M Loan for Columbia, SC Retail Center

COLUMBIA, S.C.– Mark One Capital has arranged a $2.65 million loan to refinance Polo Plaza, (top left photo) a 58,024-square foot retail center in Columbia.
Geoffrey Harris, a senior director in the firm’s Phoenix office, and Farhan Kabani, an associate director in the firm’s Dallas office, arranged the financing for the property, which is located at 9810 Notch Rd.

“Financing for retail properties is becoming increasingly difficult to structure in today’s marketplace,” says Kabani. “However, Mark One Capital was able to close the transaction with very aggressive terms.”

Financing for Polo Plaza was provided by a commercial bank at a five-year fixed rate of 6 percent with a 25-year amortization schedule. The loan-to-value was 63 percent.

Press Contact: Kathy Molitor, Mark One Capital, (925) 953-1704

Seasons 52 Announces Plan to Open New Restaurant in King of Prussia, PA

ORLANDO, July 9 /PRNewswire/ -- Seasons 52, the popular fresh grill and wine bar restaurant, has selected King of Prussia Mall in King of Prussia, Pennsylvania, as their next site for expansion.

Expected to open in spring 2010, the new restaurant will join the recently opened Seasons 52 in Cherry Hill, New Jersey, as the company's second location in the greater Philadelphia market, increasing the total number of Seasons 52 restaurants to 10.

(Seasons52, Tampa, FL, top left photo)

Leading the strategic growth plan for Seasons 52 is company President Stephen Judge, who is focused on securing premium real estate locations to fuel the concept's expansion. "King of Prussia Mall is one of the premier super-regional shopping complexes in the country" Judge said. "Through the years it has kept itself fresh and exciting, with popular and upscale retailers that provide a lifestyle environment compatible with the Seasons 52 concept."

CONTACT: Rachel Summers, +1-215-875-4365 (direct), +1-215-545-6293(fax),