Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has closed on a new $31.3 million CMBS loan with J.P. Morgan secured by its West Oaks II shopping center in Novi, Michigan and its Spring Meadows Place center in Holland, Ohio. The $31.3 million financing represents a loan to value of approximately 60% for the two properties and has a ten year term with a fixed interest rate of 6.5%. Proceeds from the loan were used primarily to reduce borrowings on the Company's revolving credit facilities.
Monday, March 22, 2010
Farmington Hills Retail - $31.3mm, 60% LTV, 10-year term, 6.5% Coupon
From Bloomberg:
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2 comments:
The "V" in LTV is the biggest question --this information is not useful without at least a corresponding DSCR. Retail has suffered the biggest cap rate expansion since 2006, so this news tells us nothing about how close (ie, far away) we are to seeing new retail mortgages that actually pay off the UPBs out there.
I'm just surprised you can get a retail loan in Farmington Hills at a 6.5% coupon, period.
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