97
NEWARK, CALIF. – The NewPark Mall in Newark has received a $71.5-million refinance. The mall is located at 2086 NewPark Mall. It contains nearly 1.2 million square feet of retail space and serves the tri-cities of Newark, Fremont and Union City in the East Bay area. The mall is anchored by Macy’s, jcpenney, Sears and Burlington Coat Factory. The non-recourse, floating-rate mortgage loan features an initial interest rate of 4.3 percent. The loan’s initial funding is $66.5 million. The remaining $5 million will be earned out once the mall achieves certain milestones, according to its owner, Rouse Properties. The bank loan has a four-year term and a one-year extension option.