Off-the-Mall Idea
Nov 1, 2005 12:00 PM, David Bodamer
Perseus Retail Partners has launched a $250 million shopping center funding program that will provide joint venture equity and mezzanine debt to buyers and builders of non-mall retail assets. The fund is looking to lend between $5 million and $25 million per property and is aiming to have be fully invested within two years.
“What differentiates us from most funds out there is that this fund has a life that can go up to 10 years,” says Thomas J. Hofheimer, a Perseus director. “A lot of people doing this only want to own for three-to-five years.”
Perseus is targeting smaller players, rather than REITs, who are more prevalent in the open-air center market.
The fund is the first for the group, which was formed earlier this year by Perseus LLC, a merchant bank and private equity investment management company.
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