Breda and Zuckerman of Goedecke arrange $32.25 million acquisition loan for shopping center

Jacksonville, FL The Westport office of Goedecke & Co., LLC has arranged $32.25 million in financing for the acquisition of Oakleaf Town Center, a 314,500 s/f neighborhood shopping center.

Goedecke principal Timothy Breda and senior associate Kristin Zuckerman worked exclusively on behalf of the buyer to secure a long term, fixed rate, non-recourse loan from John Hancock Life Insurance Company. The borrower is a single purpose entity controlled by Katz Properties LLC.

According to Breda, “Oakleaf Town Center is a newer, institutional quality asset with best in class imbedded corporately owned shadow anchors of Super Target, Home Depot and Kohl’s. By purchasing the junior anchors and remaining strip and out parcels Katz Properties is poised to draft off the tremendous growth in the area. Housing construction, industrial and tech jobs, and new road construction is booming creating strong demand for these retail tenants. John Hancock recognized this and provided a competitive, long term, fixed rate, non-recourse loan. Katz will enjoy the opportunity to produce solid upside over the next five years given the area’s growth trajectory. We were very pleased to assist Katz Properties in this transaction.”

The retail center is shadow anchored by Kohl’s, Home Depot and SuperTarget; anchored by Ross Dress for Less, Big Lots, A.C. Moore, HomeGoods and PetSmart with additional tenants including: Office Max, Dollar Tree, Ulta, Pier One, Famous Footwear and Chili’s.

Katz Properties is a real estate investment, development and management company with offices in Connecticut, Florida, Massachusetts, New York, Pennsylvania and Virginia that focuses on the acquisition, operation and repositioning of retail shopping centers on the East Coast. 

Goedecke & Co., LLC is New England’s largest privately-owned commercial mortgage banking company, with offices in Boston, Massachusetts, and Westport, Connecticut. Goedecke provides customized access to regional, national and international debt and equity markets for real estate capital, and in the past 36 months has successfully arranged more than $3.66 billion dollars in financing for the region’s developers and investors. The company is based in Boston, and was founded by Peter Goedecke in 1998 after the sale of the Fowler, Goedecke, Ellis & O’Connor companies to AMRESCO.