Hypo Real Estate Capital Corporation ("HRECC"), the New York-based subsidiary of Hypo Real Estate Bank International, announced that it closed on the $109.8 million, 24-month, floating rate first mortgage loan for the repositioning of Colonie Center, a regional shopping mall located in Albany, New York. The loan, which closed on 29 September 2006, carries with it two 12-month extensions.
The loan's sponsor is a partnership of Feldman Mall Properties, Inc. (NYSE: FMP), a fully integrated real estate development company and Heitman Value Partners, a multinational real estate investment management firm with approximately $14.6 billion in assets under management.
With its four anchor tenants, including Macy's, Sears, Boscov's and Christmas Tree Shops, and convenient location near the intersection of the highly traveled I- 87 and I-90 highways circling Albany, NY, Colonie Center is a major regional retail hub. In addition to these anchor tenants, which currently occupy 47% of available retail space, the two-story mall maintains approximately 110 tenant store spaces. The available retail space at Colonie Center will be expanded by 100,000 ft² to 1.35 million ft². New tenants include the first LL Bean store in New York State, Cheesecake Factory, PF Chang's, Barnes & Noble and Regal Entertainment.
"Hypo Real Estate Capital Corporation was proud to be able to demonstrate to this new and noteworthy client the depth of our experience and ability to quickly and confidently identify and work around the complexities of its repositioning plan," said Evan F. Denner, Deputy CEO of Hypo Real Estate Capital Corporation.
Sam Kirschner, Head of Origination for Hypo Real Estate Capital, Corporation, added: "Feldman required competitive pricing, certainty of execution in a limited period of time and we are very pleased we were able to make a valued contribution to the achievement of its goals."
Source: Hypo Real Estate