Tempe Marketplace project refinanced

Vestar Development Co. has partnered with a San Francisco-based real-estate investment firm to refinance its $286 million Tempe Marketplace project and acquire additional retail properties that are now selling at historically low prices. Vestar said Monday that Rockwood Capital had acquired an equity stake in the 1.3 million-square-foot Tempe shopping center and that the two companies have several additional deals in works in Arizona and California. "The alliance positions us to take advantage of opportunities in the market as we come out of the downturn," said Vestar President Richard Kuhle. Rockwood and Vestar teamed to buy out DLJ Credit Suisse's interest in the three-year-old development and secure $200 million in permanent financing for the project. The new financing replaces a short-term construction loan.

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