The 380,000-sf center is located at Interstate 595 and University Drive and is anchored by Linens 'n Things, Ross Dress For Less, Old Navy, Office Depot, Designer Shoe Warehouse, TJMaxx, Michaels and Jo-Ann Fabrics. Shadow anchors are Costco and Home Depot.
"This was a very challenging and highly structured deal where we carefully structured terms to create value for our long term client," Taft says. "This deal was closed under a tight time frame, exactly 21 business days from application signing to funding."
During the underwriting process, Linens 'n Things filed for bankruptcy, making the deal even more difficult. "The lender was cooperative and we were able to structure around that event," Taft tells GlobeSt.com, adding that Linens 'n Things plans to keep its Tower Shops location open for now.
CWCapital provided the financing for the seven-year, fixed-rate, non-recourse loan. The transaction includes a 30-year amortization schedule and three years of interest-only funds, which Taft says he was able to secure based on the strengths of the borrower.
Turnberry Associates is a development and property management company specializing in retail, office, hospitality and residential projects with $7 billion in commercial and residential property. Cohen Financial is a national capital services firm with offices in 10 major markets and is observing its 30th anniversary in the business this year.
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