Retail Property Financing Flourishes Despite War Climate

RICHMOND, VA-Economic uncertainities fueled by Operation Iraqi Freedom have not dented investor interest in real estate, as is evidenced by activities of real estate investment banking concern John B. Levy & Co.

The firm has put together a $7-million financing package for the 245,000-sf Haynes Chippenham Plaza, which is owned by local retail chain Haynes Furniture Store. The financing is in the form of a 6.33% fixed-rate permanent mortgage.

Situated at the corner of Hull St. and Chippenham Parkway, the neighborhood shopping center offers 245,000 sf of retail space. Tenants include Haynes Furniture Store, which serves as the property's anchor, Duron Paint and Harbor Freight.

"Despite the war and the economic uncertainty, we were able to secure a $7-million loan with a 15-year term for this client," company president JOhn B. Levy says. "We are extremely pleased we were able to assist this client at a time when non-credit anchored tenants are extremely difficult to finance, and retail projects are not deemed particulary attractive."

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