OMAHA AND LINCOLN, NEB. — Johnson Capital has arranged a $50.5 million loan secured by a portfolio of 11 retail properties in Nebraska and South Dakota. The 11 neighborhood retail centers total 1.5 million square feet and are located in metro Omaha, Lincoln and Sioux City, Neb., and in Rapid City, S.D. The properties range in size from 34,388 square feet to more than 315,000 square feet. The portfolio was 70 percent leased to a diverse tenant mix at the time of the transaction. The borrower is a locally based investor and manager who began acquiring the properties in 2003. Jefferies/LoanCore provided the financing, which refinanced a CMBS loan the borrower received in 2006. While the loan did not mature until 2016, the lender accepted a substantial discount to the current loan balance. The new non-recourse, 10-year loan includes a fixed interest rate and three years of interest-only payments. Proceeds from the loan will be used to retire existing debt, cover transaction costs, pay leasing commissions and provide capital for tenant improvements. Amos Smith and Ryan Chapman, senior vice presidents in the Irvine, Calif. office of Johnson Capital, arranged the financing.
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