APF Closes $26 Million CMBS Loan for Hawaii Retail Center

Commercial property lender American Property Financing (APF) has completed a $26 million CMBS conduit loan for the refinancing of Honolulu’s Stadium Marketplace. The transaction marks APF’s first mortgage-lending foray outside the continental U.S.

The Stadium Marketplace is a five-building shopping center with three in-line units and two adjacent parcels. The shopping center is anchored by a 120,000 sq. ft. Kmart and a Sack n’ Save supermarket. Other tenants include Checkers Auto Parts, McDonald’s and Chevron. The 212,5000 sq. ft. retail facility is 100% occupied.

The borrower in the 15-year conduit loan transaction is Stadium Marketplace LLC, an affiliate of The MacNaughton Group; which has extensive long-term experience as a retail developer. The Hawaii office of CB Richard Ellis manages the property.

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