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Follow on Google News | George Elkins Mortgage Banking Co. Arranges $37 Million in Financing for Columbus Pacific PropertiesBy: George Elkins Mortgage Banking Company “Finding long-term, fixed-rate financing for real estate assets in secondary and tertiary markets can be difficult at best,” said Jeffrey M. Hudson, principal with Los Angeles based George Elkins Mortgage Banking Company. “By leveraging the national footprint and expertise of Columbus Pacific Properties and demonstrating the strong rent rolls at all three properties we were able to generate considerable interest from a variety of lenders.” In the largest of the three financings, the Hudson team arranged $18 million in first mortgage debt to refinance a portion of the 872,000 square-foot River Falls Mall, located in Clarksville, Indiana near Louisville KY. Developed in 1990 as an indoor regional mall, it was later redeveloped as an open-air shopping center in 2005. Major Tenants of the 287,000 square-foot subject space include Dick’s Sporting Goods, HH Gregg, JoAnn’s Fabrics, Louisville Athletic Club, Old Time Pottery, Value City and Gordman’s. Columbus Pacific acquired the property in December 2011. The financing, which was provided through a leading CMBS lender as a 10-year fixed-rate term with 30-year amortization, was used to retire the existing debt on the property. The Hudson Team also arranged $10.5 million in senior debt for Columbus Pacific Properties’ purchase of Barnes Crossing Plaza, a multi-tenant community center located in Tupelo, Mississippi. The loan was provided by a CMBS lender as a 10-year fixed-rate term with 30-year amortization. Barnes Crossing Plaza is a community retail center with over 157,000 square feet of retail space. The retail center houses 10 tenants including Hobby Lobby, TJ Maxx, Office Max and Weightwatchers. An $8.5 million senior loan also was arranged to refinance a Safeway-Anchored retail center in Prescott, Arizona. In addition to Safeway, the 163,000-square- -30- George Elkins Mortgage Banking (www.gemb.com) is Southern California’s oldest Mortgage Banking Company. Started in 1922, the company focuses exclusively on arranging debt and equity financing for commercial real estate properties. The company originates nearly one billion dollars annually in debt and equity and provides loan servicing functions for correspondent lenders on a portfolio valued at over $1.3 billion. The Hudson Team is led by Jeffrey M. Hudson, who has arranged more than $10 billion in financing of office, industrial, retail, apartment, hotel, mobile home park and mini-warehouse. His team includes Kevin J. Dinneen, Bryan S. Gortikov and Riley P. Manke. End
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