$33m K-Mart deal

Real Estate Weekly, July 14, 2004

Jack Houlihan of Houlihan-Parnes/iCap Realty Advisors, LLC has arranged a $33 million first mortgage on a 450,000 s/f K-Mart anchored shopping center in Woodmere, New York.

The property is located at 253-00 Rockaway Boulevard. The interest rate was fixed at 4.5% interest only for the first 5 years of a 10 year term.

The interest rate will adjust at the end of year five at 1.5% over the then applicable 5 year Treasury Constant Maturity. This non-recourse loan includes a flexible prepayment schedule. This first mortgage is also assumable and the Lender required no reserves.

The Five Towns Shopping Center also features tenants including: Modells, Payless,

TJ Maxx, Sizes Unlimited, Nathans, Pizza Hut, Applebees, Michaels Stores and the Gap amongst others and has been owned by Woodqueens LLC for close to 20 years. The loan was arranged with a New York based savings bank. The Borrower was represented by Andrew Albstein of Goldberg, Weprin & Ustin. Council for the Lender was Bob Liner of Stark, Amarin. Title was insured by Chicago Title