Pine Tree Receives $247 Million Loan for Shopping Center Portfolio

by Hayden Spiess

Oak Brook, III. —  Pine Tree has received a $247 million loan from New York Life Real Estate Investors for portfolio of six shopping centers located in Florida, Arizona, Oregon and Ohio. Pine Tree acquired the properties earlier this year in partnership with an undisclosed state pension fund for $495 million. The centers include The Fountains in Plantation, Florida (430,000 square feet); Arrowhead Crossing in Phoenix (362,000 square feet); Easton Market (501,000 square feet) and Polaris Towne Center (459,000 square feet) in Columbus, Ohio; Kenwood Square in Cincinnati (424,000 square feet); and Tanasbourne Town Center in Hillsboro, Oregon (300,000 square feet).

Tenants at the centers, which were 95 percent leased at the time of financing, include Nordstrom Rack, Ulta Beauty, Target, Dick’s Sporting Goods, Kroger, The Fresh Market and New Seasons Market. TJX Cos. brands also occupy 13 stores throughout the portfolio. Pine Tree’s assets under management currently total roughly $2.5 billion and 20 million square feet. Bill Barry and Bill Stewart of Draper & Kramer secured the loan on behalf of Pine Tree.

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