ValueXpress has arranged a $5,000,000 CMBS conduit loan for the refinance of Dover Downs Shopping Center, a 95,717-square-foot power center located at 1165 North DuPont Highway (Route 13) in Dover, Delaware. Route 13 is the primary retail/commercial corridor serving Dover, the second-largest city in Delaware with a population of approximately 37,000 and growing. The center was constructed in 1993 and is 100% occupied. The property is anchored by Best Buy, Michaels and Ashley Furniture. The loan refinanced an existing CMBS conduit loan that was maturing.
The property was originally occupied by Lowe’s Home Improvements, which relocated. The property was rezoned from C-4 to SC-1 to allow the property to be redeveloped into a multi-tenant power center that included the construction of the Best Buy space in what was the former Lowe’s garden center. The former owner, Dover Downs, Inc., completed the redevelopment and re-leasing and then sold the property to our borrower, Millers Dover Downs, LLC.
The transaction was originated by Lawler Rogers, a Commercial Capital Training Group (CCTG) graduate, who partnered with ValueXpress to complete the transaction. The deal was completed within 45 days and closed on time, such that the borrower avoided paying double interest on the new and existing loans. This loan was a follow-on transaction to the Tally Ho Shopping Center loan that ValueXpress closed previously for the borrower.
“The transaction proceeded smoothly thanks to the skills that the team members brought to the table, starting with borrower Sharon Miller,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “Sharon asked ‘what do I need to do’ and completed all her work with a great attitude.” The transaction was underwritten by Jim Brett, head of underwriting at ValueXpress. The team was assisted by Robert Wittig, the property and leasing manager who pulled together market information and managed the survey process. Finally, the closing was completed on time by Julie Panaro of the Panaro Law Group.
To obtain a no-obligation loan quote on your next retail CMBS transaction, contact Michael Sneden at 212-883-6447 or email him at email@example.com.