WAYNE, NJ-New York City-based owner JSS Advisors receives a $54 million leasehold financing package for Wayne Towne Center, a 650,000-sf regional shopping center here. The funds will be used to completely redevelop the 49-acre property in a project that's expected to take approximately three years. The center's tenant roster includes such national names as Fortunoff, JC Penney, Borders, Loehmans, TGIF and Daffy's.

The funding was arranged by the New York City-based AFC Realty Capital. The transaction was originated and placed with a publicly-traded finance company.

"This was a very 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," says Peter Berk, managing director of AFC, a boutique real estate investment bank. "We were able to secure a lender who understood the issues." Berk adds that the lender 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.