$10,000,000
First Mortgage Mill Creek
Shopping Center
South Portland, ME
Mill Creek Shopping Center is a 76,894 square foot neighborhood retail center located on a 7.15 acre site at 50 Market Street in South Portland, Maine. The property was built in 1961 and renovated in 1993 and includes a primary strip center and one out parcel. This neighborhood retail center is 100% occupied and has an excellent mix of tenants, including the Bank of America, CVS, Wendy’s, a hardware store, a UPS store, hair and nail salons, as well as a variety of other retailers. With frontage on three roads, Ocean Street, Market Street and Waterman Drive the property has excellent access and visibility. Located on the eastern side of the city of South Portland, Mill Creek Shopping Center is approximately one mile southwest of the downtown CBD of Portland, Maine’s largest city.
Suburban provided a first mortgage loan for the borrower to refinance the existing debt on the property. The loan was a fixed-rate mortgage having a 10-year maturity with a 30-year amortization, and was priced at a fixed interest rate spread over the 10-Year U.S. Treasury Bond Index.
