CBRE Capital Markets said it has arranged $21 million in permanent financing for Rosedale Commons, a retail center in Roseville that is close to Rosedale mall.
Rosedale Commons, home to Bed Bath & Beyond, LifeTime Fitness, PetSmart, Old Navy, Vitamin Shoppe, Kirkland's, Buffalo Wild Wings and others, is currently 95 percent occupied.
The new financing allowed the borrower to refinance their current loan on the property and take advantage of a favorable interest rate for a new term of 15 years. CBRE secured the refinancing deal through Philadelphia-based RAIT Financial Trust.
“The tenancy strengh of Rosedale Commons and the borrower’s experience with this asset allowed RAIT to utilize a high loan-to-value and provide two years of interest-only payments,” said CBRE's Murray Kornberg, in a statement.
The borrower, Rosedale Commons LP is affiliated with Tanurb Development, the original developer of the property. A national player, affiliates of Tanurb also own Rosedale Marketplace, a 150,000 sf shopping center in Roseville, as well as Burnsville Marketplace, a 9- percent leased, 265,000 square foot retail center in Burnsville.