New York-based landlord, developer and manager Time Equities nabbed a $23 million first mortgage for a shopping center in Seekonk, Mass., a suburb of Providence, Rhode Island. Time Equities’ director of mortgage brokerage, Stuart Bruck, said the loan “allowed us to recapitalize some long held equity we had in the building.”
The shopping center, which Time Equities bought in 2001, recently underwent a redevelopment and found new tenants, following vacancies that crept up during the recession, Bruck said. Following the bankruptcy of electronics store Circuit City, the center, at 145-201 Highland Avenue, searched for a new tenant. Last November, Time Equities secured craft chain Hobby Lobby, which will open this spring, according to published reports.
The decision to recap now was motivated by the current interest rate environment. Time Equities’ loan, from GE Capital, has a 3.89 percent interest rate over the five-year term, he said. He said GE Capital would securitize the loan. GE Capital declined to comment.
A 2011 mortgage for an undisclosed amount, originated by M&T Bank, had recently come due, Bruck said.