PRESS RELEASE
NEW YORK, March 21, 2002 – T-Rex Capital, LLC announced today that it has completed acquisition of a $13 million retail center mortgage from Credit Suisse First Boston (CSFB).
The note is the “B” portion of a $49.4 million first mortgage on two retail shopping centers outside Washington, D.C. Specific terms were not disclosed. Approximately 12 months ago, CSFB securitized and sold the $36.4 million “A” portion of the first mortgage.
The shopping centers, valued at in excess of $60 million, are owned by Petrie, Dierman, Kughn of Washington, DC. — a privately held nationwide retail developer and owner-operator. One of the shopping centers, located at Silver Spring, Maryland, — in Montgomery County on the border of Washington, D.C. – is called City Place Mall. It is a 340,000 square foot mall anchored by AMC 10-Plex Theaters, Burlington Coat Factory, Marshall�s and Ross Dress for Less. The second shopping center, called Largo Towne Center is in Largo, Maryland, in Prince George�s County near Washington. It is a 284,000 square foot mall anchored by Shopper�s Food Warehouse and Marshall�s. The assets are cross-defaulted and cross collateralized.
Istar continues to hold $5 million in subordinate mezzanine debt on the properties.
“This investment continues our plan to identify and then quickly close on important opportunities in real estate debt and equity markets,” said Thomas M. Mulroy, T-Rex Chief Executive Officer. “Our strong personal relationships with institutional investors give us unique access to business opportunities that our in-house team can then close far faster than is the norm in our industry.”
T-Rex is in the process of putting together a venture fund specifically to invest in private real estate mezzanine debt and equity transactions. T-Rex Capital has invested in more than $600 million worth of commercial real estate. T-Rex Capital, LLC is headquartered at 747 Third Avenue, 24th Floor, New York, New York 10017, (212-486-1222). The company also has regional offices in Washington, D.C. and Boca Raton, Florida.