Brixmor Obtains $90 million Mortgage on Three Shopping Centers
Alessia Pirolo Sept. 13, 2012, 9:22 a.m.
Blackstone Group’s Brixmor, the second-largest owner of U.S. neighborhood shopping centers, has obtained a $90 million mortgage from Goldman Sachs Mortgage Company on three malls located in New Jersey, California and Illinois.
The 330,000-square-foot Shoppes at Cinnaminson, in Riverton, N.J., is 86 percent occupied with tenants such as Shoprite, Ross Dress for Less and Burlington. It was refinanced with a mortgage loan of $31.3 million.
A loan of $37.3 million is on the 283,000-square-foot Montebello Plaza, in Montebello, C.A. The mall is 95 percent occupied. Among tenants are Best Buy, 99 Cents Only and Albertsons.
Goldman Sachs refinanced Annex at Arlington, in Arlington Heights, I.L. with $21.4 million. The 200,000-square-foot shopping center is 86 percent occupied. Barnes & Noble, h.h. gregg and Party City are among the tenants.
Brixton stated in a prepared statement that the mortgage loan bears interest at a rate equal to LIBOR (subject to a 0.50 percent floor) plus a spread of 3.75 percent, payable monthly. The mortgage is scheduled to mature in 3 years, with two extension options of a year each. A spokesperson of the company declined to provide further information on the future strategies for the properties involved in the deal.
Brixmor’s portfolio amounts to 621 properties across 39 states for a total of 96 million square feet of gross leasable area.