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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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