| Transaction: |
Glimcher Portfolio |
| Property Type: |
Portfolio of 25 Tertiary Shopping Centers in Midwest and Southeast |
| Structure: |
Mezzanine Loan |
| MF Investment: |
$14,550,000 |
| Date: |
Jan 2005 |
| Description: |
Wall Street lender made 90% whole loan, bifurcated into $97,000,000 senior and $19,400,000 mezzanine loan. As they have done on two prior occasions, Wall Street lender asked MF to acquire a majority interest in the mezzanine loan, which MF did by taking 75% on a pari passu basis. Both parties were extremely comfortable with this transaction, not only due to their past successful experiences, but also due to MF’s prior similar experience purchasing a $20 million mezzanine piece from another institution’s whole loan on a portfolio of 4 tertiary regional malls located in similar markets. Also, as MF has specialized in mezzanine and equity for retail transactions of all sizes and types over the past two years, its in-house retail due diligence team was able to quickly and efficiently complete its work despite the logistical obstacles presented by this diverse and remotely-located portfolio. MF is often approached by institutional lenders to acquire or participate in the first-loss piece of their whole loans.
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