$135m mortgage delivered for Yonkers retail center.

Despite the volatility in the capital markets, Brooks Shopping Center, LLC, owned by Dollar Land Associates LLC, secured a $135,000,000 first mortgage for the revitalization of Cross County Shopping Center in Yonkers, New York.

The five-year, fixed-rate loan was provided by Prudential and New York Life.

The one million-square-foot, open-air shopping destination opened in 1954, Cross County Shopping Center, is currently undergoing a major $225,000,000 redevelopment to transform the dated mall into a modern, open-air retail venue featuring a mix of luxury and moderate-priced retailers.

Plans for the revitalization of the center include the 93,000-square-foot expansion of the existing Macy's department store, as well as new retailers Bebe, AX Armani Exchange, H & M, Forever 21, American Eagle and Victoria Secret Pink. Once completed, Cross County Shopping Center will total 1.2 million square feet and be the largest retail destination in Westchester County. California-based Macerich Co. is managing the on-going redevelopment project.

James E. Stifel, chief investment officer of Benenson Capital Partners, LLC and a Manager of Dollar Land Associates LLC, noted, "Cross County is undergoing a dramatic transformation. Not only are we restoring the architecture and landscaping, we are also introducing a number of very exciting retailers to the center's merchandise mix that are a perfect complement to the current offering and meet the needs of our shoppers."

Estreich & Company, Inc. arranged the financing and Goldfarb & Fleece represented the Borrower, Brooks Shopping Centers LLC.

Richard A. Kessler, chief operating officer of Benenson Capital Partners noted, "The high quality of the asset, coupled with a strong sponsorship made this financing deal possible even in a very challenging environment."

The Benenson Capital Company, one of the nation's oldest and most active privately-held real estate investment and development companies, is one of the managing members of the Cross County Shopping Center ownership. Benenson Capital Partners is the management arm of the Benenson Family group of companies, which includes The Benenson Capital Company.

Benenson Capital Partners manages more than 150 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States, Canada and Europe on behalf of the Benenson Family group of companies.