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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges a
$100 Million Loan for Suburban Square in Ardmore, Pennsylvania |
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Monday, April 06, 2009
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New York, NY
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Cushman & Wakefield Sonnenblick Goldman Arranges a
$100 Million Loan for Suburban Square in Ardmore, Pennsylvania
New York (April 6, 2009) – Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to an affiliate of Kimco Realty Corporation, has arranged a $100 million refinancing for Suburban Square, a 360,000-square-foot landmark retail and office property in Ardmore, Pennsylvania. The loan was provided by a New York-based commercial bank. “Despite the fact that a large number of lenders remain on the sidelines, we continue to see strong interest for loans on high-quality properties that are owned by strong, experienced sponsors" noted Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman.
Since its opening in 1928, Suburban Square has been the premier commercial property anchoring the "Main Line", a string of charming, affluent towns located west of Philadelphia, along the original main line of the Pennsylvania Railroad Company ("PRR"), built during the 1830s. Ardmore is approximately ten miles west of Center City Philadelphia, and the Ardmore train station on the original PRR right-of-way, which now services both Amtrak and the Southeast Pennsylvania Transit Authority (SEPTA) commuter line, is immediately adjacent to Suburban Square.
Suburban Square consists of an 18.8-acre site improved with 16 separate buildings that contain approximately 323,000 square feet of retail space and approximately 37,000 square feet of office space.
A 100,000-square foot Macy's department store anchors the property; this store was originally opened in 1928 by Strawbridge & Clothier, which was acquired by Macy's in 2005. Other major tenants at Suburban Square include: Talbot's, Banana Republic, Urban Outfitters, Trader Joe's, J. Crew, Apple Computer, and a collection of food merchants who operate separate establishments within a 9,300-square-foot building widely known as the "Farmers Market."
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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