ValueXpress Obtains $5-Million CMBS Conduit Loan for a Retail Power Center in Dover, DE for Client of CCTG Grad

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 scheduled to mature in January 2016.

VE Blast Dover Downs Shopping Center

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 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 to the Tally Ho Shopping Center loan that closed the previous week.

“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.


This entry was posted in CMBS, CMBS Conduit Loans, Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , , , , , . Bookmark the permalink.

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