The center at assignment date was approximately 15 years old. Major Credit tenants included Marshall's, and Walbaums Food Store (an A & P owned supermarket) Genovese Drug and a variety of local credit tenants. Walbaums and Genovese vacated the center placing the asset in technical default with the lender GE Capital.
Re-tenant the building with national credit tenants, Negotiate a construction loan for new tenant build outs, identify and supervise general contractor work.
Created a refinance package to transfer to a non-recourse note and new tenant marketing list.
Identified two credit tenants ( Pier I and Old Country Buffet) bring occupancy to 95% Negotiated leases with new tenants Identified and negotiated for the construction with general contractor Negotiated the construction loan for funding with GE Capital stabilization the asset Re-landscaped the entire center Resulting in the Award of First Place for this type of project from the Connecticut Builders Association
Created construction management plan and monitored construction through delivery.
Negotiated new lease and non-recourse terms for the client; simtaniously resolving a partnership dispute from a portion of the re-finance proceeds.
Oversaw the improvements to the centers new tenants Pier 1 and Old Country Buffet