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AFC arranges $54m financing.

AFC Realty Capital has arranged $54 million in leasehold financing for Wayne Towne Center, a 650,000 s/f shopping mall in Wayne, N.J.

The funds will be used by the owners of the retail facility to completely redevelop the 49-acre site during the next three years, according to Peter Berk, a Managing Director of the Manhattan-based boutique real estate investment bank.

The transaction was originated and placed by Mr. Berk with a publicly-traded finance company.

"This was an extremely complex deal because of the ground lease and the extensive redevelopment effort that will need to be undertaken without interfering with the operations of the committed tenants," commented Mr. Berk.

"AFC was able to secure a lender who understood the issues and worked with the owner on a loan structure that would allow the owner to execute their business plan while still complying with all the loan covenants and not disturb the existing tenancy."

Wayne Towne Center is home to prominent national tenants, including Fortunoff, JC Penny, Borders, Loehmans, TGIF and Daffy's.

The mall is situated in Passaic County, N.J., one of the area's premier retail destinations.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 11, 2005
Previous Article:APF provides $94m for Gateway Plaza deal.
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