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Investor Secures $52M in Financing for Mall Acquisition

BROCKTON, MA-Gregory Greenfield & Associates Ltd, an Atlanta-based real estate investment company which is managed by Gregory Greenfield, nails its financing of $51.8 million for its acquisition of the Westgate Mall, a 600,000-sf retail complex located at 200 Westgate Dr.

By Naomi Grossman | Updated on April 01, 2004

BROCKTON, MA-Gregory Greenfield & Associates Ltd secured $51.8 million to finance its acquisition of the Westgate Mall, a 600,000-sf retail complex located at 200 Westgate Dr. near Routes 24 and 27, 20 miles south of Boston. CDC Mortgage Capital Inc. provided the fixed-rate, four-year loan to the Atlanta-based real estate investment company which is managed by Gregory Greenfield. Greenfield’s portfolio includes over eight million sf of retail properties throughout the country.

The property is currently anchored by Sears, Filene’s and Macy’s. Other tenants include Best Buy and Marshall’s as well as GAP, Victoria’s Secret, Bath & Body, American Eagle, the Show Dept. and Olympia. New England Development bought the Westgate Mall in 1998 from Campanelli Cos. and invested $20 million on new lights, signs, floors, walls and ceilings. The company brought in Sears and Old Navy as anchor stores. Last year, Filene’s, the retail department store chain, opened a 140,000-sf store in the mall. The store went into a former Bradlees location, the discount retail chain that went bankrupt nearly two years ago.

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