CDK Realty Advisors provided $200 million in funding to RED Development LLC. The money will help fund RED’s development projects, including seven already identified projects located throughout Arizona, Arkansas and Missouri, and as yet unidentified projects in RED’s future pipeline. The projects will include lifestyle centers, power centers and mixed-use properties.
CDK has been investing in RED Development for 10 years now and has enjoyed a high rate of return, according to Dave Claflin, vice president of marketing with RED, so the company felt comfortable making another cash infusion to help RED deal with the current credit crisis. “CDK was looking to increase its holdings in RED projects and RED was looking for a way to march forward in these difficult times, so this agreement will achieve both goals,” he said.
Other Notable Deals
Evergreen Real Estate Partners and its backers have committed $750 million to Kitson & Partners, a Palm Beach Gardens, Fla.-based developer, to pursue residential and commercial real estate projects throughout Florida. The company will target raw land, entitled land and improved or semi-improved land for residential development, as well as stabilized and value-added shopping centers... Faris Lee Investments negotiated the sale of a 15-property portfolio occupied by Del Taco to Innovative Property Partners, LLC for $24 million in a sale-leaseback transaction. The properties are located throughout Arizona, California and Nevada. Faris Lee Capital placed the financing for the buyer... Holliday Fenoglio Fowler, L.P. secured a $21 million bridge loan for Shore Mall, a 626,133-square-foot regional mall in Egg Harbor Township, N.J. The loan features a 36-month term and adjustable interest rate… Marcus & Millichap Capital Corp. arranged a $10 million fixed-rate loan for 1242-1246 Third Street Promenade, a single-tenant retail property in Santa Monica, Calif. The loan featured a 10-year term, a 10-year amortization scheduled and a 5.99 percent interest rate… Stan Johnson Co. completed the sale of a 22,679-square foot single-tenant retail property in Tallahassee, Fla. for $4.9 million… Sperry Van Ness negotiated the sale of single-tenant 16,320-square-foot triple net leased Rite Aid in Fresno, Calif.