Retail

Steve Bram, Allison Higgins and Paul Monsen secured a $7,100,000 permanent loan for the acquisition of a Burlington Coat Factory anchored retail center. While the center is 95% leased, the anchor occupies 65% of the center with a lease expiring in four years. GSP demonstrated that the tenant will likely extend upon renewal since there are no other vacant spaces in the market large enough for Burlington Coat Factory and their rent is significantly below market. Priced at 4.45%, the non-recourse loan was sized to 75% of purchase and includes the first two years of interest only rolling to a 30 year amortization for the 8 year balance of the term.