11/9/2022 – Newport Beach, CA – Schelin Uldricks & Co. is pleased to announce that it has arranged a $13,850,000 construction loan to finance the redevelopment of University Plaza, a grocery anchored retail center in Lake Charles, Louisiana. The new financing enables the owners to redevelop several portions of the property that suffered wind & water damage during Hurricane Laura in 2020. When fully complete, the shopping center will total 203,965 square feet of space.
“This deal was especially challenging to finance due to certain delays in getting insurance claim recoveries,” commented Ethan Schelin, Managing Partner at Schelin Uldricks & Co. “We were able to locate a regional bank lender that was willing to finance a speculative retail development in a small market in an out of favor asset class. The project is ground-leased and located next to McNeese State University, so there is strong long-term retail demand in this market.”
“Despite multiple interest rate hikes and uncertainty in the capital markets we were able to execute new financing for the sponsor that helps them execute their business plan,” remarked Derek Uldricks, Managing Partner at Schelin Uldricks & Co.
University Plaza Shopping Center is located at the southeast corner of Ryan Street and Sale Road in Lake Charles, Louisiana. The property is leased to a mix of tenants that include a fitness center, grocery store, and several inline restaurants and retailers.