PHILADELPHIA-The New Jersey-based mortgage banking firm G.S. Wilcox & Co. has arranged $29 million in financing for Whitman Plaza, a 280,000-square-foot retail center near the Walt Whitman Bridge.
Whitman Plaza, set on 23.5 acres, is anchored by a Pathmark and is home to a Burlington Coat Factory, Ross, Party City, Game Stop and GNC, among numerous tenants.
The borrower, Breslin Realty, controls 29 retail centers in the Northeast and southern United States, and manages 8 million square feet of commercial real estate in five states.
Breslin Realty is a repeat client of G.S. Wilcox & Co, which was founded in 1994 by Gretchen S. Wilcox and is the first and remains the only female-founded commercial real estate mortgage banking firm operating as a sole proprietor in the country. The firm is a part of the Strategic Alliance Mortgage (SAM) Network that financed $7.6B of loans in 2011. David Fryer, a principal of G.S. Wilcox, handled the Whitman Plaza transaction.
The lender, Continental Casualty Co., provided aggressive terms to meet the needs of the borrower, including a 10/25 amortization schedule with the first 12 months consisting of interest-only payments.
Breslin is currently developing nine properties on Long Island, including expansion at the Hub in Hempstead and expansion of the Kmart shopping center in Middle Island. The company also is serving as a developer and leasing agent for an additional one million square feet of space on Long Island. Other development projects include an 850,000 square-foot project in Brookhaven, NY, 275,000 square feet in Farmingdale, NY,175,000 square feet in Selden, NY, and 100,000 square feet in Dix Hills, NY; a 350,000 square-foot shopping center in New Hampshire; a 550,000-square-foot center in Stonington, CT, 300,000 square feet in New Milford, CT, and 110,000 square feet in Bethel CT.
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