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Whiteland Town Center

Philadelphia, PA

First Fidelity was retained by an Atlanta-based partnership to recapitalize the Whiteland Towne Center, a 355,000 square foot community center located in Exton (suburban Philadelphia), Pennsylvania which is shadow anchored by Kohl's and Acme, with additional anchors including Marshall's, T. J. Maxx, Drug Emporium and Party City.  The property was encumbered by an extremely onerous participating first mortgage.  Initial plans were to refinance the first mortgage by structuring a joint venture with a new equity investor and obtaining new debt.


A 100% interest in the property was sold to a private Philadelphia-based investment group for $26,700,000.  A decision was made to sell the property outright as the amount of financing secured was reduced due to an anchor-tenant bankruptcy.

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Whiteland Town Center