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September 15, 2005

L.J. Melody & Co.

L.J. Melody & Co. arranged $70 million in financing for The Commons, a Federal Way mall. Terms include a three-year interest only loan. The 19-year-old mall has a net rentable area of 760,000 square feet. At buildout, it will total 800,000 square feet. Borders Books and Music, and Layne Bryant/Catherine's are scheduled to open next spring along with a renovated food court. At the time of the financing, The Commons was 84 percent leased. Wayne Paulus andRick Gillett, both of L.J. Melody's San Diego office, worked with Michal Maker of the Seattle office. GE Capital provided the financing on behalf of Steadfast Properties. L.J. Melody is the real estate investment banking division of CB Richard Ellis.




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