Kite Realty Group Trust Secures Financing for Four Corner Square

Kite Realty Group Trust KRG announced Thursday that it has closed on a $23 million construction loan for its Four Corner Square redevelopment property in Maple Valley, Washington. Construction has commenced on the project, which is 84% leased or committed. Major tenants Johnson's Home & Garden and Grocery Outlet are scheduled to open in the first quarter of 2013 with Walgreens scheduled to open in the third quarter of 2013. Upon completion of the redevelopment, the center will be expanded from 44,000 square feet to 109,000 square feet, as well as three additional outparcels. The construction loan was financed by U.S. Bank, bears an interest rate of LIBOR plus 225 basis points, and has a three year term with an option to extend for an additional two years.