IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $11.5 million in acquisition financing for Baytowne Shoppes & Square, a 99% leased shopping center in Champaign, IL. The financing was secured by Dallas-based IPA Capital Markets managing director Adam Mengacci.
IPA worked on behalf of Stonefield Investment Advisors, to secure a ten-year CMBS financing at a 6.97% fixed rate with interest only for the entire term.
Situated along Champaign’s primary retail corridor, Baytowne Shoppes & Square is anchored by PetSmart, Staples, Ulta, Dollar Tree, Party City, Rally House, and Citi Trends.
“Given the choppiness in the capital markets, we are very pleased with the execution and outcome of this transaction,” said Mengacci. “Aligning a sponsor with a lender that was able to provide accretive debt financing in this environment is a win-win for all.”