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$57M in Transactions for 780,000-SF Mall

SPRINGFIELD, MA-A series of debt and equity transactions totaling over $57 million was secured for Eastfield Mall, a 780,000-sf regional mall that was acquired by affiliates of Mountain Development Corp. four years ago.

By Naomi Grossman | Updated on December 09, 2003

SPRINGFIELD, MA-A series of debt and equity transactions totaling over $57 million was secured for Eastfield Mall, a 780,000-sf regional mall that is owned and managed by affiliates of Mountain Development Corp.

Sonnenblick-Goldman Co. arranged a $28.7 million bridge loan from a public real estate investment trust 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.

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