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CBRE arranges $61m financing for Mass. mall.

Geoffrey Rice, a senior director in CBRE's Capital Markets New York City group, has secured bridge financing to tallng $61 million on behalf of Carlyle Swansea Partners LLC, an affiliate of Carlyle Development Group, based in White Plains, NY. The 2-year mortgage, provided by UBS Realty Investors, LLC, will enable ownership to complete the rehabilitation and retenanting of the mall that was begun several years ago.

Swansea Mall, a four-anchor, singlelevel, enclosed regional mall of approximately 700,000 leasable s/f, is located at the intersection of Interstate 195, at exit 3, and routes 6 and 118, approximately 12 miles southeast of the Providence, RI. Originally constructed in 1974 with two anchors tenants, the property has been expanded several times, first, in 1982, with the addition of two new anchors stores and approximately 30 in-line stores, and again in 1985, with the expansion of the food court and the addition of several out-parcels tenants. The mall is currently anchored by Sears, Macy's and Wal-Mart. The addition of Wal-Mart occurred in late 2001--early 2002 represented the first time this tenant had agreed to locate within a mall as an in-line anchor.

The Property's footage will again change in mid 2008 when Wal-Mart completes the construction of a new super store and the demolition of its cur rent store.

Carlyle Development Group of Companies was established in 1982 to acquire, develop and manage residential and commercial properties in the United States. Since its inception, Carlyle Development Group has acquired and managed real estate portfolios in excess of $300 million along the East Coast, Texas, Callfornia, Florida and Canada.

CB Richard Ellis Group, Inc. , an S&P 500 company headquartered in Los Angeles, has over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide.
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Title Annotation:FINANCE
Comment:CBRE arranges $61m financing for Mass. mall.(FINANCE)
Publication:Real Estate Weekly
Date:Jan 2, 2008
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