GE PROVIDES $145M REFINANCING LOAN FOR THE MERCATO IN NAPLES
NAPLES, FLA. — GE Capital Real Estate has provided $145 million in refinancing for The Mercato, a 456,000-square-foot mixed-use development in Naples. Dan Martin, managing director, and Andy McLay, senior relationship manager at GE Capital Real Estate, worked with HFF to secure the financing.
GE provided the five-year, floating-rate loan to the borrower, a joint venture entity between Madison Marquette Retail Enhancement Fund, Barron Collier Cos. and The Lutgert Cos.
The Mercato is located at 9115 Strada Place along Tamiami Trail, also known as U.S. Highway 41. The 14-building development was constructed in 2009 and features 320,000 square feet of retail and 136,000 square feet of office space. The property is 85 percent leased and its retail tenant roster includes Whole Foods Market, Silverspot Theatre and Nordstrom Rack.
Mark Remington, managing director, Chris Drew, director, and Jordan Lex, associate director of HFF, originated the loan on behalf of the borrower.
“GE Capital performed flawlessly, generating a huge win for our clients and this trophy asset, providing financing critical to the continuation of the successful business plan at The Mercato,” says Remington.
GE Capital Real Estate, founded in 1973, has been a lender and operator of commercial real estate around the world for 40 years. As of June 30, 2013, the entity had $42 billion in commercial real estate assets in 16 countries.
The firm is an extension of General Electric Co. (NYSE: GE), whose stock price closed at $27.14 per share on Friday, Nov. 22. The company’s stock price closed at $21.06 per share this time last year.
— John Nelson