NEW JERSEY—Deerwood Real Estate Capital, a mortgageand advisory firm, closed on an $8.5 million loan for a 240,000-sq.-ft. shopping mall located in Brainerd, Minn. The borrower acquired the property while it was 60 percent occupied and increased occupancy to 95 percent, raising the value of the property. Therefore, Deerwood was able to close a non-recourse, 10-year, fixed-rate loan that provided the borrower with a significant return of equity.
The loan was negotiated by Rafi Frankel, Abe Katz and Mark Silbersher.
In addition, Deerwood secured an $8.12 million loan for a 200,000-sq.-ft. grocery-anchored shopping center in Western Pennsylvania. The 30-year-old center includes a local grocery store, as well as severaland local tenants. The borrower needed a non-recourse loan of 75 percent of his purchase price; Deerwood successfully closed the loan and fixed the rate for 10 years in the mid fours.
David Rosenberg, Meyer Perlman and Adam Schenkman negotiated the terms of the loan.