heritage mall

Enclosed mall in Albany, Oregon

Property Description: 288,516 square foot regional anchored enclosed mall located in Albany, Oregon. The property is anchored by Sears, Gottschalk’s, Ross and Old Navy and shadow anchored by Target. At closing, the property’s anchor space was 100% occupied and its in-line space was 83% occupied. Albany is adjacent to Interstate 5 and 15 miles east of Oregon State University between Salem and Eugene.

Investment Profile: The Sponsor’s business plan was to improve management of the property, which was operated by a local company with no other mall properties, update and renovate the property and pursue a mix of national and regional tenants for the in-line space. Following the reposition, the Sponsor intended to sell or refinance the project.

Loan Amount: $34,100,000

Loan Type: Acquisition and reposition first mortgage bridge loan

Deal Highlights: The Sponsor required 85% financing for the project and required funds for the continued repositioning and redevelopment of the mall. Mesa West Capital provided a complete financing package to the Sponsor and structured the financing to meet the Sponsor business plan.

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