The firm continues to provide "needed liquidity" despite market volatility
Stonehill CRE, the firm’s commercial real estate group, has announced deploying approximately $160 million to finance the acquisition of five malls.
Daniel Siegel, president of Stonehill CRE, said the company continues to provide liquidity for brick-and-mortar malls despite the continued market volatility and capital market trends, as it remains “a necessary component of a retailer’s multi-channel strategy.”
“According to the National Retail Federation, traditional in-store purchases still accounted for the majority of retail holiday spending,” Seigel said. “Our CRE team was able to deliver lending and capital markets solutions that match our sponsors’ business objectives and priorities.”
The firm’s recent retail transactions include:
- Bellis Fair Mall - Originating a $24.0 million first mortgage loan for the 774,264 square-foot shopping mall in Bellingham, Washington.
- Cumberland Mall - Originating a $28.8 million first mortgage loan for the 953,313 square-foot shopping mall in Vineland, New Jersey.
- Greenwood Mall - Originating a $42.3 million first mortgage loan for the 970,523 square-foot shopping mall in Bowling Green, Kentucky.
- Livingston Mall – Originating a $42.0 million first mortgage loan for the 970,000 square-foot shopping mall in Livingston, New Jersey.
- The Mall at Robinson - Originating a $25.5 million first mortgage loan for the 874,000 square-foot shopping mall in Pittsburgh, Pennsylvania.
Launched in May 2022, Stonehill CRE expects to deploy roughly $500 million of capital this year.
“To remain competitive, owners must accelerate their plans and expand their thinking to find ways to keep their malls relevant in a changing landscape,” said senior vice president Greg Koenig. “Stonehill CRE provides needed liquidity for maturing loans, new acquisitions and construction projects.”
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