March 29, 2017
Sonnenblick-Eichner Co. arranged $28.1 million in first-mortgage debt to refinance a portfolio of single-tenant ShopKo stores in Oregon. The financing replaces a maturing long-term loan, according to Sonnenblick-Eichner’s Elliot Eichner, adding that the non-resource, 10-year financing price was below 5%, and is set to mature when the leases roll over.
The retail properties are at the dominant intersections within their trade areas. The portfolio consists of:
- ShopKo Bend, 60 N.E. Bend River Mall Dr., Bend
- ShopKo Eugene, 2815 Chad Dr., Eugene
- ShopKo Salem, 1230 Lancaster Dr. S.E., Salem
The sponsor, Atlas Investments of Portland, OR, acquired the three retail stores and others for $75.5 million in partnership with Sovereign Investment Co. more than 10 years ago.
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