Cushman & Wakefield has arranged a total of $6,622,500 in financing for two transactions exclusively arranged by Directors George Gnad and Jonathan Kristofich along with Associate Michael Winters.
A $4.5 million LP equity position was arranged on behalf of Arena Shoppes LLC for a retail building at 7300 West McNab Road, in North Lauderdale, Florida. The equity provider was an undisclosed U.K. equity source. The retail center, a former Walmart, contains approximately 92,596 square feet. The sponsor is retenanting / rehabilitating the building, which will include a new tenant, Ross Dress For Less as anchor.
"I am truly proud to have been part of such a creative and professionally executed deal. Both sponsor and equity provider are perfect complements for each other, and I am confident that with their extensive experience and knowledge of the market, they will exceed expectations throughout the life of the project," said Gnad.
A $2.12 million loan was arranged to refinance a 28,600-square-foot warehouse building at 59-71 Oak Street, Hackensack, New Jersey. The new loan features a cash out, reduction in interest rate and extended term for seven years. The lender was Atlantic Stewardship Bank. The borrower was 59-71 Oak Street LLC.
"The refinance and cash out of 59-71 Oak Street, Hackensack reflects the strength of well-located buildings within the Bergen County warehouse and distribution market," said Kristofich.
"Through our extensive marketing approach, we solicited significant interest from many local lenders and negotiated a very competitive mixture of rate and term for our client," added Gnad.
Gnad and Kristofich are Directors at the New Jersey office of the Cushman & Wakefield Capital Services team. Over a 25-year career, Gnad has originated and structured in excess of $5 billion of capital on all major asset types and loan structures including bridge, value add, construction and term debt. Kristofich has evaluated and underwritten over 100 buildings from all asset classes with an aggregate value in excess of $250,000,000.