$34M Bridge Loan on Retail Project
Refinance and Repositioning of a 600,000 SF Shopping Center
Parkview Financial has provided a $34 million bridge loan to Metropolis Lifestyle Center, LLC, an entity of Poag Shopping Centers, for the refinance and repositioning of Shops at Perry Crossing, a lifestyle shopping center located at 2499 Futura Parkway in Plainfield, IN (a suburb of Indianapolis). The 600,000-square-foot property currently houses approximately 40 tenants and is anchored by JCPenney, Dicks, and AMC Theaters, as well as other national brands including H&M, DSW, and Old Navy.
The property suffered tenancy issues as a result of the pandemic and fell into receivership, however, the borrower was able to regain ownership and plans on embarking on a strategic marketing program in order to lease up the 20 percent vacancy.
“The previous financing came due early on in the pandemic,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Parkview’s bridge loan is for a term of 18 months and we are confident that given the recovering retail market and post-COVID normalization period, that this center is poised to stabilize and experience long-term success in its thriving, regional market.
Once stabilized, the ownership plans to list the asset for sale or refinance us out with a permanent lender.
Built in 2006, the asset is situated on just under 85 acres and is within a suburban area 15 miles southwest of downtown Indianapolis.