Parkview Financial has provided a $34 million bridge loan to Metropolis Lifestyle Center, LLC, an entity of Poag Shopping Centers, for the refinance and repositioning of the Shops at Perry Crossing, a lifestyle shopping center at 2499 Futura Parkway in Plainfield, Indiana, a suburb of Indianapolis.
The 600,000-square-foot property houses about 40 tenants and is anchored by JCPenney, Dicks and AMC Theaters, as well as other national brands, including H&M, DSW and Old Navy.
The property suffered tenancy issues as a result of the COVID-19 pandemic and fell into receivership. The borrower was able to regain ownership and plans on embarking on a strategic marketing program to lease up the 20 percent vacancy.
Once stabilized, the ownership plans to list the asset for sale.
Built in 2006, the asset is situated on just under 85 acres and is within a suburban area 15 miles southwest of downtown Indianapolis.
