Des Moines, Iowa -- Cushman & Wakefield served as the financial advisor to an affiliate of Abbell Associates in arranging a $48 million senior loan for Merle Hay Mall. Merle Hay Mall is a regional mall and office complex located in Des Moines, Iowa. The floating rate financing was provided by Associated Bank, Bankers Trust, BankIowa and Two Rivers Bank & Trust.
The loan is comprised of $33 million in refinance proceeds and a $15 million “good news” facility, which will be used to provide additional capital to complete a remerchandising of the mall that includes the conversion of split level retail space to an eight screen Theater, adding an additional outparcel, and relocating and re-tenanting certain stores.
Merle Hay Mall is a 1.1 million square foot, enclosed regional mall and office complex. Principal anchors are Target, Kohl’s, Younkers, and Sears. Generating over $150 million a year in sales, Merle Hay Mall is a household name and has been serving Iowans for more than fifty years.
Steve Kohn, Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance group served as financial advisor to an affiliate of Abbell Associates, which developed the property in 1959 and has owned it since.
Abbell Associates is a Chicago-based real estate company that specializes in retail and office properties. Through innovative leasing, management and re-development strategies, Abbell Associates unlocks the hidden value of retail centers and office buildings nationwide.
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally.