CBRE|Melody arranged the deal; Bear Stearns Commercial Mortgagefinanced it. CBRE|Melody officials say that the proceeds of the10-year interest-only, non-recourse loan were used to defease anexisting securitized loan. The deal also provides Sun Realty withadditional low cost capital. CBRE|Melody is the real estateinvestment banking division of CB Richard Ellis.

The property was constructed in 1965 and fully renovated andexpanded with a second building in 2000. It was further expandedlast year with the addition of a Children's Place store at 2183Black Rock Turnpike. The property's other major tenants are Gap,Old Navy, Marty's Shoes, along with several regional retailers.

Senior director Tim Harwood and associate Bill Catanzaro ofCBRE|Melody brokered the transaction. An unnamed nationaldefeasance company coordinated the defeasance component of thetransaction, Harwood says. The defeasance expense was justified bythe additional low interest rate together with the refinanceproceeds the transaction generated, he adds.