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$30m retail therapy.

Andrew Stewart and Dev Morris have arranged financing of $30,000,000 for Southgate Shopping Center in Massapequa Park, New York.

The loan carries a 7-year term and consists of a $10 million fixed rate portion plus a $20 million revolving line of credit divided into two floating rate tranches of $10 million each.

The borrower has the ability to take down additional advances on a monthly basis, and can prepay the floating rate portion at any time without penalty. This facility also allows the borrower to fix the interest rate on the floating rate portion at a predetermined, competitive spread over Treasuries.

According to Dev Morris, "This was a perfectly tailored structure to meet both the short- and long-term needs of a borrower who typically takes a very conservative approach to leverage but would like to have ready access to additional capital should the need arise."

The subject property is a 139,827 s/f neighborhood shopping center located on Merrick Road in Massapequa Park, New York.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:Apr 9, 2008
Words:168
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