NEW YORK, NY, -- Nassimi Realty. Inc. has announced that it has completed the refinancing of two large shopping centers, Cedarbrook Plaza in suburban Philadelphia and Botany Plaza in Clifton, New Jersey. Credit Suisse First Boston Mortgage Capital LLC provided the mortgage on the two properties and Winbrook Realty Group, Inc. as managing agent for both properties represented the owner in the transaction. Nassimi Realty Corp. is a privately held diversified investment and development company with over $100,000,000 in real estate assets.
Winbrook Realty spokesman Dennis Cieri said that "Nassimi Realty is repositioning it’s portfolio in order to continue an aggressive acquisition strategy that includes a search for existing shopping centers, land for retail development, multi-family residential and single or multi-story industrial projects. The company is currently looking for deals from $500,000 up to $30,000,000 in the Northeast Corridor primarily from Boston to Washington, D.C."
Commenting on the refinancing program Credit Suisse First Boston Mortgage Director Tony Jaffe said "Nassimi Realty is particularly talented in developing properties that attract strong credit worthy tenants that are prepared to sign long term leases. We are looking forward to arranging additional financing for their projects in the near future."
Cedarbrook Plaza, one of the first enclosed malls in the Philadelphia market, was acquired by Nassimi Realty Corp. in 1986. The company proceeded to "demall" the approximately 520,000 square foot center converting it into a power strip center anchored by Big Kmart, Pathmart, Toys R Us, A.J. Wright and Franks Nursery. The ten year redevelopment program has included major renovations to facades and public areas as well as construction of additional freestanding retail space on the 33-acre site.
Nassimi Realty began development of the Botany Plaza shopping center in 1996 on a former industrial site along the Passaic River in Clifton, New Jersey. The approximately 200,000 square foot shopping center is now 100% leased and includes Pathmark and Kmart as anchor stores. The new center is bisected by the Clifton/Passaic city line. This places part of the center within a New Jersey "Urban Enterprise Zone" which affords shoppers the benefit of reduced sales taxes The project has been described by state development officials as a model for redevelopment programs in one of Northern New Jersey’s declining manufacturing hubs.
For additional information on acquisition criteria or leasing opportunities please contact Nassimi Realty, Corp. at (212) 643-8080.