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.
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