CBRE Capital Markets said Thursday it has arranged a $12.4 million construction/permanent loan for Bielenberg Gardens, a grocery-anchored retail development in Woodbury.
The property is located across the street from the Bielenberg Sport Center, near the corner of Radio Drive and Bailey Road. It will be anchored by a 65,016-square-foot Jerry’s Foods grocery, a 6,269-square-foot Jerry’s liquor store and 12,300-square-feet of retail space.
The CBRE Capital Markets team said it secured the financing through its relationship with Omaha-based Woodmen of the World Life Insurance Co.
“Woodmen seperated themselves by providing a cost effective, interest-only construction loan followed by a long-term permanent loan that provided a fixed interest rate for both the construction and permanent loan,” explained Doug Seylar of CBRE.
The construction-permanent loan alleviated the interest rate risk inherent with separate construction and permanent loans, as well as the duplication of closing costs.
The sponsor, Jerry’s Enterprises Inc., was represented by CBRE’s Debt & Structured Finance group led by Seylar, Murray Kornberg and Scott Larson.