Kite Realty Group Trust, a full-service, vertically integrated real estate investment trust, announced this week that it has closed on a $23 million construction loan for its Four Corner Square redevelopment property in Maple Valley, Washington. Plans for the redevelopment include expanding from 44,000 square feet to 109,000 square feet. The construction loan was financed by U.S. Bank, bears an interest rate of LIBOR plus 225 basis points, and has a three year term with an option to extend for an additional two years.
"We are excited to commence construction on the expansion of Four Corner Square," said John A. Kite, Kite Realty Group Trust's Chairman and Chief Executive Officer. "This project reflects our ability to utilize our value-added platform to enhance the quality of the center." The property is currently 84% leased with major tenants including Johnson’s Home & Garden and Walgreens.
For more news and information visit Blumberg Capital Partners.
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