Cheltenham, Pa. — Natixis has originated a $54.5 million floating-rate loan for the redevelopment of the former Cheltenham Square Mall located in Cheltenham, roughly 12 miles outside Philadelphia.
New York City-based Sun Equities Partners is the borrower in the transaction. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property.
The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.