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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN ARRANGES SERIES OF TRANSACTIONS TOTALING OVER $57 MILLION FOR EASTFIELD MALL IN SPRINGFIELD, MASS. |
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Monday, December 08, 2003
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New York, NY
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Sonnenblick-Goldman Company has arranged a series of debt and equity transactions for Eastfield Mall, a 780,000-square-foot regional mall in Springfield, Mass. that is owned and managed by affiliates of Mountain Development Corporation (MDC).
In the initial transaction, Sonnenblick-Goldman arranged a $28.7 million bridge loan from a public REIT that was used to buy out an institutional partner and pay off a loan on the property. Upon the completion of this transaction, Sonnenblick-Goldman arranged a $24.5 million floating-rate first mortgage with an overseas financial institution and a $4.2 million preferred-equity investment with the REIT.
Eastfield Mall, anchored by department stores that include Sears, JC Penney, and Filene's which are not owned by MDC, is one of the dominant regional centers in the Springfield metropolitan area. Built in 1968 by The Rouse Company, it was acquired by Mountain Development Corporation and its former institutional partner in 1998. It subsequently underwent a comprehensive $21 million upgrade and repositioning, including the addition of a 16-screen Showcase Cinema, which resulted in an increase in occupancy from 46% in 1998 to 96% in 2002. In the same period, shop sales increased from $173 per square foot to $305 per square foot.
"Eastfield Mall is a typical success story of L. Robert Lieb and Jeffrey Taylor of Mountain Development Corporation in the turn-around of troubled or under performing office buildings and shopping centers over the last few years," comments David S. Schaiman, managing director of Sonnenblick-Goldman Company. |
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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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