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.