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Advantage Title Closes $13.5M Refinance Deal

Advantage Title said that it has issued a lender's title insurance policy for $13.5 million in connection with the blanket refinancing of four shopping centers located in Nassau and Suffolk Counties in New York.

The four properties combined represent 180,000 square feet of retail space. Tenants include Staples, CompUSA, Burlington Coat Factory and Party City.

The new blanket mortgage, issued by General Electric Capital Corp., replaced previous financing by the Dime Savings Bank.

"With increasing due diligence for securitized and defeasance transactions, we are always facing new challenges. There is a need to adapt to national title standards to facilitate transactions at the local level," said Felix Tschanz, chief underwriting counsel at Advantage Title.

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