SCOTTSDALE, Ariz. - Keystone Mortgage Partners LLC was hired to fund a $55 million bridge loan and a $46 million construction loan for the developers of a Scottsdale shopping center.
Both loans would have three-year terms. The construction loan would finance the second phase of the Scottsdale Promenade, and the bridge loan would replace the construction financing for the first phase, which has been built.
The existing 355,000 square feet at the shopping center is 90% leased. Upon completion, the complex will have more than 650,000 square feet. The developer is a joint venture between Pederson Group of Phoenix and BVT Development Co.