Milwaukee’s Oriental Theater gets loan

Special to The Freeman

Jan. 3, 2015

MILWAUKEE — The landmark Oriental Theater has received a loan from Walker & Dunlop, Inc., the firm announced Tuesday.

According to the Maryland company, it originated two loans totaling $6.9 million for Fox Bay Cinema Grill and Oriental Theater.

The loans were structured with 10-year terms and underwritten between 67.8 percent and 76.5 percent loan-to-value, according to the announcement.

Fox Bay Cinema Grill is a 48,391-square-foot independent movie theater that provides a dinner and a movie service. The Oriental Theater, now part of the Landmark Theater group, has been operating continuously since 1927. The Landmark Theater group has grown to 48 theaters, 224 screens in 21 markets.

“Financing assets with independent theaters as anchor tenants is challenging; however, RAIT Financial Trust really dug into this opportunity and realized the perceived risk wasn’t reality. These were solid assets located in strong in-fill locations,” said Rob Meister, vice president of Walker & Dunlop, in a statement.

Walker & Dunlop is a commercial real estate finance company and has more than 450 professionals located in 22 offices nationwide.

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