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Owner of Marketplace Shopping Centers Obtains Loan Within Tight Time Frame

ST. LOUIS-GMAC Commercial Mortgage provides a $25-million interim loan for the owners of the 500,000-sf Marketplace Shopping Center. Closing was within six weeks, which allowed the owner to avoid payoff deadlines and late fees.

By Judie Burkhalter | Updated on February 21, 2001

ST. LOUIS-A $25-million mortgage has been obtained by the owners of the Marketplace Shopping Center from Horsham, PA-based GMAC Commercial Mortgage Corp. Marketplace Shopping Center, located at 6700 Manchester Ave., is owned by Starwood Marketplace LLC, an opportunity investor group based in New York and Connecticut.

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.”

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