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PHILADELPHIA-New Rochelle, NY-based Cotswold Group refinanced the 126,000-sf Roosevelt Plaza Shopping Center with a $16.3-million first mortgage from Bear Sterns. The center, which is located at the intersection of Roosevelt Boulevard/Route 1 and Harbison Avenue in North Philadelphia, was completed in 1951.
Robert Shasha, president of Cotswold, tells GlobeSt.com the purpose of the loan was to gain a more favorable rate. "Occupancy is 98%," he says adding, "we have a very stable tenancy, and most of these tenants will renew." Among the tenants are David's Bridal Warehouse, Mattress Giant, Novacare, Wachovia Bank, Family Dollar and Rent-A-Center.
Keith Braddish, senior director, and Jason Gaccione, an associate in the New York City office of LJ Melody, along with Robert Krawiecki in the office here, arranged the financing.
Gaccione says, "the deal was very competitively bid by Wall Street." It is a 15-year fixed-rate financing package priced over the 10-year treasury. He also says, "40% of the leasable space at the center was coming due in 24 months and we were able to negotiate a very low tenant improvement/lease commission reserve structure as part of the loan package."
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