Barclays Bank and Morgan Stanley have reportedly teamed up on a $700 million fixed-rate loan to refinance the Easton Town Center, a high-end shopping complex in Columbus, Ohio.
The 10-year, cross-collateralized loan refinances the 1.3 million sq ft shopping complex at 160 Easton Town Center in Columbus, Ohio in addition to the nearby 500,000 sq ft Easton Gateway power center at 4150 – 4207 Worth Avenue, according to records from Real Capital Analytics. Commercial Mortgage Alert first reported the deal.
Major tenants at the larger complex, built in 1999, renovated in 2004 and comprised of 19 two0-story buildings, include GameWorks (37,758 sq ft), AMC Theatres (134,105 sq ft) Life Time Fitness Inc (87,233 sq ft), in addition to Nordstrom and Macy’s.
The debt takes out previous CMBS financing on the property, including loans tied to the MS 2007-IQ16 and BEAR 2007-TOP28 deals, originated in 2007.
Tenants at the Easton Gateway property, built in 2015, include Petco, Saks Off 5th, Dick’s Sporting Goods, Z Gallerie and Whole Foods.
The core buildings and streets are meant to look like a self-contained American “town” of the early-to-mid 20th century. The layout includes fountains, streets laid out in a grid pattern and metered storefront parking. It is said to attract roughly 25 million visitors per year.