Natixis Provides $54.5 Million in Financing for Redevelopment of Cheltenham Square Mall in Metro Philadelphia

The former Cheltenham Square Mall, located roughly 12 miles outside Philadelphia in Cheltenham. (Image courtesy of Wikimedia Commons) The former Cheltenham Square Mall, located roughly 12 miles outside Philadelphia in Cheltenham. (Image courtesy of Wikimedia Commons)

Cheltenham, Pa. — Natixis has originated a $54.5 million floating-rate loan for the redevelopment of the former Cheltenham Square Mall located in Cheltenham, roughly 12 miles outside Philadelphia.

New York City-based Sun Equities Partners is the borrower in the transaction. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property.

The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.

More News