Towne Square properties secure refinancing

Two retail properties near the Boise Towne Square mall have secured refinancing.

On June 24, it was reported that privately owned retail spaces inside the Boise Towne Square strip mall across Milwaukee Street from the Boise Towne Square Mall had been refinanced with a $2.13 million through a “local” credit union.

The strip mall houses a Petco, Chipotle, Dick’s Sporting Goods, Big 5 Sporting Goods, Jared jewelry store and other businesses, though it wasn’t reported which two units were refinanced.

Palo Alto, California-based Marcus & Millichap Capital Corporation arranged the refinancing for the owner.

“Despite prevailing market conditions, we were able to quickly source favorable terms for our client, including a seven-year term with a 6.75% interest rate and a loan-to-value of 55%,” said David Campbell, senior managing director of the firm.

MMCC bills itself as “a leading commercial real estate investment services firm,” and has offices nationwide and in Canada. It provides financing solutions for commercial real estate clients.

Interest rates on commercial properties currently sit at around 5.5% to 7.95%. Though rates had been at historical lows the past few years, experts have stated that the “normal” number is in the 5% to 8% range.

Copyright © 2024 BridgeTower Media. All Rights Reserved.