The Bay Shore shopping center is 100% occupied, anchored by a newly expanded and remodeled 60,000-sf Super Stop & Shop supermarket. In addition, the property boasts regional and national tenants, including Eckerd, Dunkin' Donuts and Blockbuster.
This transaction demonstrates the emphasis GE Real Estate places on building strong customer relationships. "GE rate-locked this deal even though we were in the middle of the sub-prime lending implosion," says the broker, Paul Greenbaum of GCP Capital Group LLC.
David Cohen, regional director with GE Real Estate notes that, "in spite of the changes that occurred in the financing market during this deal, those relationships were our top priority. We want to continue to be a dependable financing partner."
Cohen explains to GlobeSt.com that, "at the time that we actually rate locked the deal, the subprime market went into turmoil and several of our competitors either were not rate locking transactions or were increasing their spreads by 20 plus basis points... .And obviously during this turmoil, there was a lot of uncertainty and volatility with the widening of CMBS spreads."
"Other lenders were changing terms as the availability of long-term, interest-only products in this market quickly evaporated," adds Rubin Pikus, CEO of Milbrook Properties. "GE could easily have backed out of their commitment, but they didn't. They delivered and closed on every detail, exactly as promised."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
