Farmers Market Owner Gets Line on $100 MillionTuesday, April 15, 2014
A.F. Gilmore Co. has obtained a $100 million credit facility from Wells Fargo Bank, secured by its iconic Farmers Market retail center in the Fairfax District.
The company, whose namesake founder purchased the original site in 1880, has completed significant development in and around the Farmers Market property, including Gilmore Station across the street. It will use most of the capital for future development, according to a Monday statement from Johnson Capital, the Irvine advisory firm that arranged the financing.
A.F. Gilmore already has tapped $40 million of the facility via a 10-year, fixed-rate interest rate swap, and has five years to draw on the remaining amount.
“Our team worked with the borrower to identify a single source that understood these needs and structured a loan that allowed A.F. Gilmore to take advantage of today’s low interest rate environment while retaining the ability to expand on the company’s success in the years to come,” said Amos Smith, who was part of the Johnson team that arranged the facility.