Joel J. Gorjian’s Uber Capital Group has sourced a $9.8 million acquisition loan for the $12 million purchase of the Conway Towne Centre shopping mall at 201 Skyline Drive in Conway, Arkansas.
The client was a private national commercial real estate investment group based in New York.
National real estate investor Gorjian established Uber in late 2016. The company is based in Great Neck, New York and operates nationally. To date, Uber has provided in excess of $300 million worth of commercial real estate loans.
“We obtained the loan for the Conway Towne Centre acquisition from a regional Arkansas bank at a fixed rate of 5.89%, with a 10-year term and 20-year amortization,” said Gorjian.
Hibbett Sports, and JCPenney anchor the 207,557 s/f Conway Towne Centre, which is currently 96 percent leased. The property is situated on a highly visible 4.9-acre lot, right at the exit ramp of the busy intersection of Interstate Highway 40 and Highway 65, with daily traffic exceeding 90,000 vehicles.
Conway, with 65,800 residents, is the shopping, cultural, business, and education center of Faulkner County. The town’s largest employers include Acxiom, Hewlett Packard and three colleges – the University of Central Arkansas, Hendrix College, and Central Baptist College.