New Port Capital Partners, a real estate investment manager with multiple closed-end funds in their portfolio, came to our business lending experts to restructure existing debt on an 88,364 SF (17-unit) neighborhood center in St. Louis known as the Southtown Centre.
The new structure, just over $10.0M in funds available, allowed our borrower to refinance current debt while providing additional loan proceeds for reimbursement of previously paid tenant improvements and capital expenditures. Additionally, the borrower was able to fund new tenant improvements and leasing commissions on the property. This aided in the redevelopment and re-tenanting of one of the out lots to Aspen Dental, a new complementary use to the strong in-place lineup including Starbucks, PetSmart, Walgreens, and other convenient retailers at this infill urban location in South City, St. Louis.
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