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Parkview Provides Bridge Loan on Stabilizing Retail Center in Suburban Indy
Parkview Financial provided a $34-million bridge loan to Metropolis Lifestyle Center, LLC, an entity of Poag Shopping Centers, for the refinance and repositioning of Shops at Perry Crossing, a lifestyle shopping center in the Indianapolis suburb of Plainfield, IN. The 600,000-square-foot property currently houses approximately 40 tenants and is anchored by JCPenney, Dicks, and AMC Theaters.
The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, the borrower was able to regain ownership and plans a strategic marketing program to lease up the 20% vacancy.
“The previous financing came due early on in the pandemic,” said Paul Rahimian, CEO and founder of Parkview Financial. “Parkview’s bridge loan is for a term of 18 months and we are confident that given the recovering retail market and post-COVID normalization period, this center is poised to stabilize and experience long-term success in its thriving, regional market.
- ◦Financing


