According to Daniel Monte, president of The Rose Hill Group of WNY LTD (RHG), the company has arranged $5.265 million in permanent financing for the Lowes Home Centers project.
The property consists of a 16-acre parcel leased on a long-term ground lease to Lowe's Home Centers, Inc. (Lowe's). Lowe's constructed a 170,000 s/f home center store including a garden center on the site that opened in summer.
Paradigm Development, Inc. has developed and owns the Lowe's Center along with a number of Lowe's anchored shopping centers throughout the northeast, as well as 1,200 apartments and residential properties in Pennsylvania and New York.
Paradigm is presently developing additional Home Improvement anchored centers in New York, Massachusetts and Pennsylvania.
RHG's upstate correspondent life company lenders include AIG, Allstate Life Insurance Company, American Equities, CUNA Mutual / Members Capital, Delaware Investments (Jefferson Pilot), Genworth Financial, National Life of Vermont, Nationwide Life Insurance Company, Ohio National Financial Services, and Protective Life Corp. Tags: