Vestar secured a 7-year permanent loan totaling $63.5M for the refinancing of Queen Creek Marketplace, a 686,000 SF power center at the SWC of Ellsworth Loop Rd. and Rittenhouse Rd. in Queen Creek.
The loan was provided by Bank of America in Phoenix.
Developed in 2008, Queen Creek Marketplace is the main shopping destination for the residents of the Queen Creek market area.
The project features a tenant mix of more than 40 national and regional retailers, including Super Target (not a part of the loan), Kohl’s, Ross Dress for Less, Sport Chalet, Bed Bath & Beyond.
Harkins Theatre has plans to develop a 14-screen megaplex at the center which is anticipated to open in late 2014. The asset is 92% occupied.
“The current state of the finance market and our strong position in the marketplace provided us an opportunity to secure long-term fixed rate financing at a historically low interest rate,” said Ed Reading, Vice President of Finance at Vestar.