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by George Avalos
MercuryNews.com

A long-stalled retail project in Newark is getting a reprieve from foreclosure, bolstered by new investors ready to spend tens of millions of dollars to get the development back on its feet.

Mowry Crossing, a high-profile retail center off Interstate 880 near the NewPark Mall, will be able to head off the foreclosure threat that arose in 2010. The lender, Comerica Bank, had provided $39 million in financing and was seeking repayment of the mortgage.

“We have brought in a new group of investors,” said Kevin Dare, managing director of Sand Hill Property, the San Mateo-based firm that had been attempting to develop the site. “Before this deal, we were kind of stuck. We’re definitely still involved in the ownership. We’re putting together a plan to move the project forward.”

New investors with fresh capital entered the picture in late February, Alameda County records show, helping to pay off the Comerica loan.

“This location would be excellent for retail development,” said Terrence Grindall, community development director for Newark. “It’s directly across from the entrance to the regional mall.”
At one point, Mowry Crossing was expected to be a 220,000-square-foot development. Big retailers were anticipated to become the anchors of the project.

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