LOGAN, W.Va. — Uber Capital Group (UCG), a commercial real estate financial advisory and mortgage origination firm based in New York, has sourced an $11 million acquisition financing loan for the Fountain Place Mall in Logan as part of its purchase.
The Fountain Place Mall was purchased by a private real estate investor based in New York “some time ago,” according to a news release. As part of that transaction, UCG helped source the $11 million loan from a regional lender in Virginia. The process is part of several ongoing steps that occur within a real estate acquisition.
The name of the owner and buyer of the mall has not been released due to a nondisclosure agreement with Uber Capital Group.
“Our team’s extensive experience in both financing and operating retail properties nationwide allowed us to secure advantageous terms for the owner of the Fountain Place Mall,” said Joel J. Gorjian, president and founder of UCG. “We obtained this five-year term loan at a fixed rate of 4.5%, with a 20-year amortization and 75% LTV.”
Fountain Place Mall was built in 1997 and is a one-story, 226,096-square-foot retail center located at the junction of U.S. 119 and W.Va. 73 about 3 1/2 miles outside of downtown Logan, although it is located within city limits. The mall is anchored by a Walmart Supercenter and a Lowe’s Home Center and includes several big-name stores like Burkes Outlet, Shoe Show and Dollar Tree.