The 5-year, fixed-rate loan at an undisclosed rate was arranged by Estreich & Company, Inc., and provided by a 50/50 partnership of Prudential and New York Life, James E. Stifel, Chief Investment Officer of New York City-based Benenson Capital Partners, LLC and a manager of Dollar Land Associates, told GlobeSt.com.
"This was not an easy process by any stretch," Stifel said. "The center is a very valuable center. It's irreplaceable real estate."
The one-million-square-foot Cross County, which opened in 1954, is located at the New York State Thruway and Cross County Road. Plans call for the project to be expanded and modernized with a combination of luxury and moderate-prized retailers, including an expansion of Macy's, and the addition of Bebe, AX Armani Exchange, H&M, Forever 21, American Eagle and Victoria's Secret Pink. At completion, the project will total 1.2 million square feet. The redevelopment, which will be complete by the end of 2010, is being managed by Santa Monica, CA-based Macerich Co.
Goldfarb & Fleece represented the Borrower, Brooks Shopping Centers LLC
Benenson Capital Co., a sister company of Benenson Capital Partners, is a managing member of the Cross County Shopping Center ownership. Benenson Capital Partners manages more than 150 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States, Canada and Europe on behalf of the Benenson Family group of companies.
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