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DDR Lines up $400M in Financing

Developers Diversified Realty Corp. (NYSE: DDR) announced today that it has obtained new first mortgage financing from Goldman Sachs Commercial Mortgage Capital L.P., an affiliate of Goldman, Sachs & Co. The $400 million, five-year loan is secured by a portfolio of 28 stabilized shopping centers.

Developers Diversified and Goldman Sachs are continuing to work with the Federal Reserve to make the newly-originated loan eligible for the Term Asset-Backed Securities Loan Facility (or TALF program). Proceeds from the financing will be used to repay existing debt on certain properties in the portfolio, to repay other first mortgage debt with near-term maturities and to reduce amounts outstanding on the company’s revolving credit facilities.

Other Notable Deals
Cloverleaf Group Inc. bought the 136,000-square-foot Sanders Court in Northbrook, Ill., for $15 million from local investors. The deal works out to about an 8 percent cap rate. Mid-America Real Estate Corp. represented the sellers in the deal. Cloverleaf financed the acquisition with an $8.3 million loan from First Midwest Bank….Coreland Cos. has been appointed State Court Receiver in matters involving four assets located in Southern California totaling 1,231,000 square feet of retail, office and industrial space. Additionally, Coreland Companies will be responsible for the property management during the receivership period. The properties include the 200,000-suqre-foot University Village in Riverside shopping center and the 240,000-square-foot La Puente Pavillion neighborhood shopping center…. The Dallas office of Holliday Fenoglio Fowler L.P. (HFF) secured financing for the 19,562-square-foot Autumn Creek Village shopping center in Friendswood, Texas on behalf of Cencor Realty Services. HFF placed the five-year, fixed-rate permanent loan with ViewPoint Bank….Phillips Edison & Co.'s Strategic Investment Fund announced the acquisition of the 600,000-square-foot Bridgewater Falls regional shopping center in Fairfield Township, Ohio, in an all cash REO deal…. The Atlanta office of HFF closed the sale of the 130,013-square-foot Merchant’s Exchange shopping center in Marietta, Ga. Columbia Properties Inc. acquired the property from Centro Properties Group for an undisclosed price….Faris Lee Investments completed three single-tenant retail property sales in California totaling nearly $6.9 million. The properties include a 29,320-square-foot property occupied by T.J. Maxx in Cerritos, a 4,235-square-foot property occupied by Time Warner Cable in Santa Clarita, and a McDonald’s ground lease in Visalia. Bolour Trust bought the Cerritos property for $2.8 million from Pacific Realty Associates. Faris Lee represented both parties. Faris Lee represented Centre Pointe Marketplace LLC in the $2.1 million sale of the Santa Clarita property to Double T Trust, which was represented by Professional Realty Group. Faris Lee represented MRK Associates in the acquisition of the Visalia property from Donahue Schriber, which was represented by CB Richard Ellis….Faris Lee also completed the portfolio sale of three single-tenant properties occupied by Best Buy. The sale totaling $20.5 million includes properties located in Florida, Colorado and Illinois. Cole Real Estate Investments, a private REIT, represented itself and paid all-cash.

(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)

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