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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $42 MIILLION LOAN FOR PHOENIX SPECTRUM MALL |
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Tuesday, October 07, 2003
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New York, NY
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Sonnenblick-Goldman Company has arranged a $42 million LIBOR-based, floating-rate, leasehold mortgage for Phoenix Spectrum Mall, a 1.15- million-square-foot regional shopping mall, encompassing 96 acres on Bethany Home Road in Phoenix. The property is owned by an affiliate of Grossman Company Properties. The financing was provided by a major foreign-based commercial bank.
Originally named Chris-Town Mall, the property was constructed in the early 1960s and has been owned and managed by affiliates of Grossman Company Properties since 1966.
Phoenix Spectrum Mall is anchored by Wal-Mart, which is in the process of expanding its 126,000-square-foot-store into a 252,000-square-foot super-center store; Costco, which opened its 155,000-square-foot store in November 2000; a 162,500-square-foot Dillard's discount store; and an 11-screen Harkins movie theater. Another anchor store was vacated by Montgomery Ward in 2001 after it filed for bankruptcy and is currently being re-tenanted by several retailers, including Ross Dress For Less (an existing tenant that is expanding and relocating) and PetSmart (a new tenant at the mall).
Other new leases signed within the past 12 months include Anna's Linens, Big 5 Sporting Goods, Factory 2-U, Famous Footwear, Krispy Kreme, Oscar Piel Leather, Payless Shoe Source, Royal Candles, Sally's Beauty Supply, and Waltz Shoes.
"Despite the age of the property and its non-traditional tenant mix, there was significant competition among lenders for this transaction due to Grossman Company Properties’ excellent management capabilities, high sales levels of the major tenants, a substantial amount of rental income from investment-grade, credit-rated tenants, and strong area demographics," notes Andrew Oliver, managing director and principal of Sonnenblick-Goldman Company.
Mark Ehlinger, director of Sonnenblick-Goldman, adds: "This new financing enables the owner to significantly lower its interest costs and to fund further improvements to the property." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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