Goldman Sachs Pushes $93M to Developer

DALLAS-It took only 49 days start to finish, but a Northeastern Ohio developer has secured $93 million of fresh capital from locally based Goldman Sachs Commercial Mortgage Capital LP. The collateral for the 10-year, non-recourse loan is the Strip, 788,511 sf of “ground zero” retail in Canton, OH.

Stark Enterprises Inc. of Woodmere, OH took out 80% loan-to-value, first-mortgage financing against the almost-always, fully leased 130-acre retail fortress at 6751-99 Strip Ave. NW. A Goldman Sachs contact can’t discuss the borrower’s plans for the capital infusion. He did tell GlobeSt.com that none of the major leases will be rolling this year although the development is celebrating its 10th birthday. The anchor line-up includes a 149,429-sf Wal-Mart, 130,497-sf Lowe’s Home Improvement Warehouse, 90,584-sf Giant Eagle, 15-screen Cinemark USA Inc., 42,296-sf Best Buy and 32,946-sf Marshall’s.

James Leonard and Lindee Flater in the Cleveland office for Minneapolis-based Pinnacle Financial Group Inc. arranged the financing for Robert Stark, CEO of Stark Enterprises and sponsor for the transaction. The Goldman Sachs contact says sponsorship, location and cash flow set up the winning formula to get the lender’s nod for the fixed-rate loan.