Indianapolis-based Kite Realty Group Trust (NYSE: KRG) has closed on a nearly $90 million loan for a North Carolina development. The project will include several retail destinations including Target, Petco and a cinema. December 4, 2013
INDIANAPOLIS, Ind – Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that it has closed on an $87.2 million loan to fund the construction and development of Parkside Town Commons in Cary, North Carolina (Raleigh MSA).
“We are excited to obtain financing for another high-quality development in the Raleigh area with growing retail demand,” said John A. Kite, the Company's Chairman and Chief Executive Officer.
The Company has commenced construction on both phases of the Parkside project. Phase I of the project is 82.5 percent leased or committed and will be anchored by Target, Harris Teeter, and Petco. Phase II of the project is 60.3 percent leased or committed and will be anchored by Frank Theatres Cinebowl and Grille, Golf Galaxy, and Field & Stream.
The loan was financed by The Huntington National Bank and has a three-year term with an option to extend for an additional four years. The loan bears interest at a rate of LIBOR plus 210 basis points, which decreases to LIBOR plus 195 basis points after the completion of construction.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. At September 30, 2013, the Company owned interests in a portfolio of 62 operating and redevelopment properties totaling approximately 9.5 million square feet and three properties currently under development totaling 1.2 million square feet.
Source: Kite Realty Group Trust