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Posted: July 18, 2017
Outside the Region: Heiss of Largo secures $43.7 million for three grocery anchored centers
Toronto, Canada Kevin Heiss, managing director of Largo’s Canadian operations, secured $43.7 million in financing for three grocery anchored shopping centers located in Ontario, Illinois, and Florida.
The first property, situated in Toronto, Ontario, is 128,000 s/f and is located on Islington Ave. between Bloor St. and Queensway Blvd. Heiss arranged a 10-year permanent first mortgage with three-years interest only and a 30-year amortization through one of Largo’s correspondent life insurance companies.
The second property, located in Miami, Fla., is 77,000 s/f and is anchored by Aldi and PetSmart. Heiss negotiated a three-year interest only loan with two one-year extension options.
The third property, based in Peoria, Ill., is 310,000 s/f and was renovated in 2010 to accommodate a long term lease with Hy-Vee. Other significant tenants include Bergners, a regional department store, and Planet Fitness, operated by one of the chain’s largest franchisees. Heiss arranged a three-year interest-only loan on behalf of the borrower.
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