TIAA-CREF has provided a $79.2m loan to Crow Holdings Capital Partners for its acquisition of the Festival at Bel Air shopping center in Bel Air, Maryland.
The seven-year loan (three years interest-only) carries a 3.9% interest rate at a 70% loan-to-value. The 437,227 sq ft property had previously served as collateral for GS 2005-GG4, a $76m CMBS loan.
Crow Holdings purchased the shopping center on behalf of its Crow Holdings Realty Partners Fund VI from JBG Rosenfeld Retail for $113m last month.
It sits at 5 Bel Air South Parkway, about 20 miles north of Baltimore — the largest city in Maryland. The property is 99% leased to 69 tenants, including a 62,741 sq ft ShopRite supermarket anchor, A.C. Moore, Petco, Marshalls and Kohl’s.
A CBRE team led by Mike Riccio and David Webb arranged the financing.