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Baceline Recaps 11 Shopping Malls for $90MM With Financing Led by KeyBank

June 23, 2017, 07:45 AM
Filed Under: Retail

Baceline Investments, LLC, a private real estate investment and management company with neighborhood shopping center holdings throughout the Central United States, has announced the completion of a recapitalization effort for select, stabilized properties that produce consistently high levels of income. The $90 million recapitalization, consisting of 11 properties, creates a new income-producing investment vehicle for Baceline’s investor base.

Baceline pursued recapitalization of the shopping centers to take advantage of the portfolio’s stability, current market conditions and the portfolio’s ability to grow as everyday goods and services tenants continue to thrive.

“The successful recapitalization positions the portfolio to produce consistent, meaningful income for investors and provides the framework for future growth,” said David Puchi, Baceline’s Managing Partner. “Our lender partnership with KeyBank as lead on a syndicated credit facility with expansion capabilities, allowed us to structure the recapitalization with a very strategic and conservative use of debt, and positions the investment fund to thrive. Additional properties will be acquired by the fund, adding further diversification to an already solid portfolio.”

Baceline’s investment niche focuses on holdings in the country’s heartland and is designed to benefit investors who seek to earn consistent, meaningful levels of distributable income from their investment portfolio. The properties are neighborhood shopping centers offering everyday goods and services to the local communities.

The properties included in the recapitalization, totaling nearly 640,000-square-feet, include: Pleasant Run (Dallas); University Plaza (Peoria, Ill.); Stoney Pointe (Des Moines, Iowa); Village Green (Chicago); West State Plaza (Kansas City); Clinton Towne Center (Clinton, Utah); MLK Plaza (St. Louis); Glendale Square (Milwaukee); Shoppes at San Mateo (Albuquerque, N.M.); Shoppes at Forest Green (Louisville, Ky.); and Point Plaza (Milwaukee).

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