New Plan Excel Realty Trust, Inc. (212-869-3000) closed a $36 million construction loan with Wells Fargo. New Plan sold land parcels in Clearwater, FL accounting for approximately 450,000 sq.ft. of anchor space to Costco, Lowe’s and Target. The company then contributed the remaining property to the joint venture with The Sembler Co. Demolition of the present structure is currently underway and it is expected that construction will be completed by the fourth quarter of 2003. The remaining 290,000 sq.ft. of retail space is presently 56% pre-leased or under negotiation to be leased or sold and will be comprised of a mix of national, regional and local tenants including Linens ‘n Things, Michaels and PetsMart. The company received approximately $28 million for the land sales and loan construction.

Capital Lease Funding (212-217-6300) will be allocating $50 million to provide high leverage 20-25 year credit tenant loans to borrowers seeking to finance Walgreens properties. The company plans to continue to finance these properties under its proprietary 10-year high leverage CTL loan program.