Keybank Secures $15.5 Million Loan for Pensacola Shopping Center

Pensacola, Fla. – Park Place Promenade was constructed in 2003-2004 and is comprised of five in-line buildings.

Pensacola, Fla. – KeyBank Real Estate Capital has secured a $15.5 million loan to refinance Park Place Promenade, a 172,086-square-foot retail center in Pensacola. The total collateral for the property is 83,902 square feet. Park Place Promenade was constructed in 2003-2004 and is comprised of five in-line buildings. The property has averaged above 91 percent occupancy since 2008. The unnamed borrower used the loan to pay off an existing CMBS loan that KeyBank originated in 2004.

  — John Nelson