Pergament Properties Receives $51M for Mall in Staten Island
MetLife provided the loan to refinance the Pergament Mall.
NEW YORK CITY—The Pergament Mall located at 2795 Richmond Ave. in Staten Island received $51 million in refinancing from MetLife, sources close to the deal tell GlobeSt.com. The mall is adjacent to the 1.2 million square-foot Staten Island Mall.
ABS Altman Warwick, a brokerage and division of ABS Partners Real Estate, originated the loan, which was secured by the 360,000 square-foot Pergament Mall. The mall is owned by Pergament Properties, which has offices in Woodbury, NY and other assets in the state in Suffolk County, Nassau County, Queens County and Staten Island, as well as in NJ, NC, TN and GA. The 15-year, full term, interest-only loan has a 4.02% rate, which equated to a spread of 110 basis points over the 15-year treasury yield.
“The refinancing provided the borrower with significant additional capital for future capital expenditures and corporate growth while also significantly lowering their debt service,” says Robert Altman, managing partner of ABS Altman Warwick. “Further, the unusually flat yield curve provided an opportunity for us to extend the borrower’s interest rate protection by providing a term of 15 years with a negligible premium to the 10-year rate.”