MORRISTOWN—David Fryer, principal of the G.S. Wilcox & Co., has arranged $29 million in financing for Whitman Plaza, a 280,000-sq.-ft. multi-tenanted retail center, located in Philadelphia, near the Walt Whitman Bridge.
This infill retail center is anchored by a Pathmark and is also home to many household name retailers including Burlington Coat Factory, Ross, Party City, Game Stop and GNC. The property sits on 23.5 acres, and can accommodate parking for up to 1,500 vehicles.
The borrower, Breslin Realty, is a repeat client of G.S. Wilcox & Co. Breslin has developed over thirty retail centers and currently manages over eight million sq. ft. of commercial real estate in five states.
The lender, Continental Casualty Company, provided aggressive terms to meet the needs of the borrower, including a 10/25 amortization schedule with the first 12 months being interest only.
