Whipple of Johnson Capital arranges $15.5 million first mortgage for 102,650 s/f shopping center

Bruce Whipple, a director at Johnson Capital, arranged a $15.5 million first mortgage on a 102,650 s/f shopping center. Whipple obtained the permanent financing for a privately held entity that owns the property, known as Westchester Sq. Shopping Center. An important aspect of this transaction is that the lender is a major insurance company which had not originated a loan in over two years. Completed in 1981, the property is 100% leased with Best Buy, Marshalls, Trader Joe's and CVS as anchor tenants, as well as eight additional in-line tenants. The center is located in southern Westchester County on North Central Park Ave., making it an important retail asset for the region. The terms of the transaction include an interest rate fixed in the mid-5% range on a 10-year loan term with a 25-year amortization schedule. Whipple said, "There was strong competition between lenders to originate a loan on the shopping center. It was refreshing to see lenders compete for business, despite the current credit environment, on a quality asset with a proven borrower." Cliff Carnes, COO for Johnson Capital, said, "The transaction was a significant one for Johnson Capital because we have had a strong relationship with this lender over the years, so we take great pride in bringing them the first opportunity they have lent on in two years."