Pinnacle Promenade Makes Mortgage Milestone
by February 27, 2006 12:00 am 73 views
We couldn’t help but notice the $137.79 million loan in this month’s mortgage list in Real Deals.
That’s more than the $107 million cost of building the Northwest Arkansas Regional Airport, which opened for service in 1998.
The loan is from LaSalle Bank of Chicago to Rogers Retail LLC. But the loan is actually for the 980,000-SF of lifestyle center space under construction at the Pinnacle Promenade shopping center in Rogers. Bill Schwyhart, a principal in The Pinnacle Group, said the transaction actually involved about eight banks hailing from New York City, Boston, Detroit, Chicago and San Francisco.
The loan didn’t include financing for anchors Dillard’s, J.C. Penney and Malco or the restaurant sites.
The lifestyle center space is expected to open Oct. 4.
General Growth Properties Inc. of Chicago, along with The Pinnacle Group, is the developer of the Promenade project. Along with Schwyhart, J.B. Hunt, Robert Thornton and Tim Graham are also principals in The Pinnacle Group.