The deals were announced by Miami-based law firm Akerman Senterfitt, which closed both transactions with two different lenders. Both mortgage loans were closed last month, but were just reported by Akerman's real estate practice.
The first transaction involved a $291-million securitized mortgage loan for Pyramid with Nomura Credit & Capital, Inc. secured by the Walden Galleria, a 1.6-million-sf shopping center. The Akerman group also closed a $176-million securitized mortgage loan for Pyramid with Deutsche Bank secured by the Poughkeepsie Galleria, a 1.1-million-sf shopping center in Poughkeepsie.
Miami-based real estate attorney Anthony Casareale led the team of Akerman attorneys in Miami, New York and Jacksonville in connection with the transaction. In addition, Milton Vescovacci, head of the firm's Securitization and Structured Finance Group, and Jacksonville shareholders David Otero and Jay Brown worked through the corporate and securitization requirements of the financing deals.
Pyramid Cos., the largest privately owned shopping center owner/developer in the US, has a portfolio of 20 shopping malls in New York and Massachusetts.
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