CBRE Capital Markets’ Debt & Structured Finance team has arranged $14.5 million in refinancing for City Market, a 90,225 s/f specialty retail property in Savannah, Georgia.
CBRE secured a $14.5 million, 10-year, interest-only, non-recourse, fixed-rate loan, in the low four percent range on behalf of The Realco Group, who redeveloped the property in the mid-1980s and has owned and managed the property since. The loan was funded by Rialto Mortgage Finance.
Financing was facilitated by Jason Gaccione, senior vice president in CBRE’s Midtown Manhattan office, and RJ Luth, vice president in CBRE’s Stamford, Connecticut office.
Gaccione commented: “Realco has spent the past three decades creating this widely recognized destination and we are happy to have been able to bring Rialto to the table.”