First Fidelity represented the property owner in the sale of this asset to General Growth Properties in the spring of 2004. The transaction was complicated as the purchase price was paid with a combination of debt assumption and the payment to the owner of partnership units in the REIT.
First Fidelity had previously arranged an $82,000,000 permanent loan on this one million square foot regional mall in Greensboro, North Carolina. The financing included a modification of existing debt financing, plus additional funding to facilitate an expansion of the property.
