The three-year mortgage, with floating rate, is a repositioning loan for the owner.
"There was some interesting structuring with this loan," says David M. Fishler, vice president with the New York City office of GMAC Commercial Mortgage. "There was a high concentration in the shopping center and some space was leased but not occupied. But it worked for everybody. We were able to create a viable structure for the borrower and the lender."
The outdoor mall has nearly 500,000 sf of space. It is anchored by a Kmart and Sam's Club discount shopping store. Other retailers in the mall include Sears, Blockbuster Video, Office Max, Kaybee Toys, McDonald's and Taco Bell.
"Another challenge in making this loan happen was the time frame," Fishler says. "The borrower had deadlines for payoffs to avoid late fees and we actually were able to close the deal within about six weeks and ahead of schedule."
In addition to Fishler, Sam Kirschner, also a vice president with the New York City office of GMAC Commercial Mortgage, originated and handled the loan.
GMAC Commercial Mortgage is a wholly-owned subsidiary of GMAC. The company has more than 50 offices nationwide. GMAC Commercial Mortgage has a portfolio of more than $90 billion and provides financing products that include permanent, interim and construction lending. The company is the nation's largest Fannie Mae and Freddie Mac servicer.
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