BRAINERD, MINN.—Deerwood Real Estate Capital, a mortgage brokerage and advisory firm based in New Jersey, 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.
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