$13 Million Loan for Acquisition of Regional Center Mall in Pennsylvania
On March 23, 2016, Emerald Creek Capital financed a $13,000,000 acquisition loan for the purchase of Lycoming Mall in Pennsdale, Pennsylvania. The borrower is a principal of a real estate investment firm with widespread retail property management experience. The firm currently owns an additional 14 regional malls and retail centers.
The subject property, valued at $26,800,000, is an 806,000 SF shopping mall. Lycoming Mall stands as the largest mall in central northern Pennsylvania and is the only mall in Lycoming County. There are over 85 retailers, which include anchor tenants such as Macy’s, JC Penney, and Dick’s Sporting Goods. At the time of the transaction, the property benefited from a 96% occupancy rate.
The property’s location allows for high volume traffic and parking, thus making it an attractive destination for residents and visitors. Lycoming County is Pennsylvania’s largest county, covering 1,224 miles. It has excellent accessibility including major highways, air transport, and public transportation. Interstate 180, U.S. 220 and U.S. Route 15 intersect at nearby Williamsport, which provides additional commercial traffic to the surrounding area. Lycoming County is also served by the Williamsport Regional Airport.