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September 29, 2020 Comments Off on Pacific Retail, Golden East Appointed to Restructure 8M-SF Starwood Mall Debt Views: 881 California News, Los Angeles, Top California

Pacific Retail, Golden East Appointed to Restructure 8M-SF Starwood Mall Debt

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El Segundo-based Pacific Retail Capital Partners (PRCP) and New York-based Golden East Investors (GEI) were selected by Starwood West Limited trustees to lead exclusive negotiations with senior lenders to the US subsidiaries of Starwood West Limited. An Israeli court appointed the partnership to take over seven regional malls comprising approximately eight million square feet, on behalf of holders of roughly US$250 million in bonds issued by Starwood West Limited.

Pacific Retail Capital Partners’ Steve Plenge says, “This would represent the largest shopping center transaction to date in 2020 and certainly since the start of the global pandemic.”

The agreement with Starwood West Limited mandates GEI and PRCP to exclusively negotiate on behalf of the Israeli shekel (ILS) bondholders to resolve current issues with the senior debt, stabilize the assets, maintain and create value, and position the properties for potential future sale.

The portfolio is comprised of seven regional centers in California, Indiana, Ohio and Washington, including:

  • Plaza West Covina in Covina, CA – 1.21 million square feet
  • Parkway Plaza in El Cajon, CA – 1.32 million square feet
  • Southlake Mall in Merrillville, IN – 1.36 million square feet
  • Belden Village Mall in Canton, OH – 829,000 square feet
  • Great Northern Mall in North Olmsted, OH – 1.18 million square feet
  • Franklin Park Mall in Toledo, OH – 1.31 million square feet
  • Capital Mall in Olympia, WA – 802,000 square feet

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