U.S. REALTY CAPITAL SECURES $10 MILLION RETAIL CONSTRUCTION LOAN

by admin

WARWICK, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has secured approximately $10 million in construction financing for the development of a retail center in Warwick. Construction will consist of a 56,000-square-foot Price Chopper supermarket and a 3,600-square-footy pad site. The financing included a $9.3 million construction loan and a $730,000 land loan. The supermarket is being constructed to obtain LEED-Silver certification. It will be Warwick’s second supermarket. Terms of the financing include a 4.5 percent floating interest rate, an 80 percent loan-to-value ratio and an 18-month term. Rob Pisanelli of U.S. Realty Capital structured the loan on behalf of the undisclosed borrower. The lender also was not released.

You may also like