Natixis Provides $62M Refinance for Philadelphia Retail Asset
The lender also provided a redevelopment loan for the property in 2017
Sun Equity Partners has secured a $62 million refinance for the recently redeveloped Cheltenham Square Mall in Philadelphia, Commercial Observer has learned.
Natixis originated the 12-month floating-rate non-recourse loan, which includes two 12-month extension options. The financing will be used to retire $54.5 million in construction debt on the property, also provided by Natixis in 2017.
ECB Capital Group’s Eli Breiner and Jerry Boxer negotiated the refinance in addition to the construction debt.
Sun Equity acquired the 1950s-era mall—located at 2385 West Cheltenham Avenue, approximately eight miles north of Philadelphia’s central business district—in 2015 from Thor Equities, paying $28.6 million. The 426,000-square-foot asset has since undergone a major face-lift and been rebranded as Greenleaf at Cheltenham.
The property comprises five out parcels plus a retail center. It is currently 70 percent leased to a variety of tenants, including Home Depot, Marshalls, L.A. Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-Fil-A and Wendy’s. It is shadow-anchored by Target, ShopRite and Burlington Coat Factory.
Sun Equity Partners is a New York-based developer which specializes in the acquisition, redevelopment and management of retail, office and residential properties.
Representatives for Sun Equity and Natixis could not immediately be reached for comment.