Cormac Nets $145M Loan for Kansas Retail Project
- Nov 05, 2008
The Chicago office of Holliday Fenoglio Fowler L.P. has arranged a total of $145.3 million in construction financing and joint venture equity for Corbin Park, a regional, open-air retail village being developed in Overland Park, Kan., by Cormac Co. The co-lead providers of the funding were Bank of America and US Bank. INVESCO Real Estate provided joint venture equity on behalf of an unnamed institutional client. Under construction on a 96-acre site at the southeast corner of 135th St. and Metcalf Ave. near State Route 69 in Overland Park, the 1.1 million-square-foot Corbin Park will be anchored by Von Maur, JCPenney, Lifetime Fitness and NYLO Hotels. Other tenants will include Sports Authority, Barnes & Noble, Village Roadshow Theaters, Off Broadway and Old Navy. The center is scheduled for completion between late 2009 and early 2010. Corbin Park is the largest current retail development project for Cormac Co., which was founded in 2000. Although the company has more than 2.5 million square feet of shopping centers under development, it is also active in single-family and multi-family development.