LOGAN – Last December it was announced that Rouse Properties would be selling the Cache Valley Mall to a real estate developer in New York. The financial terms of the sale were made public Monday by Uber Capital Group, LLC.
According to a press release, Uber Capital Group arranged an $11 million, 10-year term loan for the acquisition for Namdar Realty Group and the funding came from a regional bank based in Utah.
“We have obtained the loan for the Cache Valley Mall acquisition from a regional Utah bank at 4.85% rate, 75% loan-to-value (LTV) ratio, and 25 year amortization. By utilizing our knowledge of the retail market and long-standing relationships with regional lenders, we were able to close this loan for the borrower in less than two months,” said Joel J. Gorjian, president and founder of Uber Capital Group.
The 505,000-square foot Cache Valley Mall is located at 1300 North Main Street in Logan. The mall currently has more than 50 tenants, including anchors JCPenney and C-A-L Ranch Store inside the mall, with T.J. Maxx, The Home Depot, and the University Stadium 6 multiplex movie theater also on the mall’s property.
Recently one of the mall’s anchors, Herberger’s, closed its doors less than four years after opening. Other stores have struggled to stay open within the mall over the last several years.