CBRE|Melody arranged the deal; Bear Stearns Commercial Mortgage financed it. CBRE|Melody officials say that the proceeds of the 10-year interest-only, non-recourse loan were used to defease an existing securitized loan. The deal also provides Sun Realty with additional low cost capital. CBRE|Melody is the real estate investment banking division of CB Richard Ellis.

The property was constructed in 1965 and fully renovated and expanded with a second building in 2000. It was further expanded last year with the addition of a Children's Place store at 2183 Black Rock Turnpike. The property's other major tenants are Gap, Old Navy, Marty's Shoes, along with several regional retailers.

Senior director Tim Harwood and associate Bill Catanzaro of CBRE|Melody brokered the transaction. An unnamed national defeasance company coordinated the defeasance component of the transaction, Harwood says. The defeasance expense was justified by the additional low interest rate together with the refinance proceeds the transaction generated, he adds.