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Finance

The-Shoppes-at-South-Hills-Poughkeepsie
FinanceGrocery-anchoredNew YorkNews

Berkshire Bank Provides $36.1 Million Financing for Shopping Center in Poughkeepsie, New York

by Hayden Spiess

Poughkeepsie, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carries a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.

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District-Moreno-Valley-CA
CaliforniaFinanceGrocery-anchoredNews

Ledo Capital Group Receives $13.4 Million Refinancing for District Moreno Valley Shopping Center in California

by Hayden Spiess

Moreno Valley, Calif. — Ledo Capital Group has received $13.4 million for the refinancing of District Moreno Valley, a shopping center in Moreno Valley. Completed in 2022, District Moreno Valley features 52,081 square feet of retail space anchored by Sprouts Farmers Market. Other tenants include KFC, The Joint Chiropractic, WSS and Starbucks Coffee. Matt Stewart, Chris Jaff and Daniel Skerrett of JLL Capital Markets Debt Advisory secured the financing through Manufacturers Banks on behalf of the borrower.

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Peachtree-Parkway-Shopping-Plaza-Norcross-Ga
FinanceGeorgiaInvestment salesNews

Marcus & Millichap Secures $10.8 Million Acquisition Financing for Shopping Center Near Atlanta

by Hayden Spiess

Norcross, Ga. — Marcus & Millichap Capital Corp. (MMCC) has secured $10.8 million in financing for the acquisition of Peachtree Parkway Shopping Plaza, a 94,174-square-foot shopping center located in Norcross, roughly 20 miles northeast of Atlanta. Tenants at the property include Dollar General and Goodwill. Garrett Fierstein of MMCC secured the loan, which carries a 10-year, fixed rate and a 25-year amortization schedule.

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CaliforniaFinanceNews

PSRS Arranges $16.3 Million Refinancing for Eastlake Village Center Retail Space Near San Diego

by Hayden Spiess

Chula Vista, Calif. — PSRS has secured a $16.3 million non-recourse loan for the refinancing of a 43,471-square-foot retail space at Eastlake Village Center in Chula Vista, roughly 10 miles southeast of downtown San Diego. James Mulvihill and Kevin Mulvihill of PSRS arranged the loan, which a life insurance company provided. PSRS will service the mortgage as part of its $6.6 billion loan serving portfolio.

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St-Georges-Woodbridge-N.J
FinanceGrocery-anchoredNew JerseyNews

Levin Properties Receives $43.2 Million Refinancing for St. Georges Crossing in Central New Jersey

by Hayden Spiess

Woodbridge, N.J. — Levin Properties has received a $43.2 million refinancing for St. Georges Crossing, a 343,423-square-foot shopping center located in the central New Jersey community of Woodbridge. ShopRite anchors the property, which was fully leased at the time of financing. Other tenants include P.C. Richard & Son, PetSmart and TJ Maxx. Jim Cadranell, Gregory Nalbandian and Salvatore Buzzerio of JLL Capital Markets arranged the 12-year, fixed-rate loan through PGIM Real Estate on behalf of Levin Properties.

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FinanceNewsPennsylvania

Axiom Capital Arranges $11 Million Refinancing of Retail Property in Central Pennsylvania

by Hayden Spiess

Altoona, Pa. — Axiom Capital Corp. has arranged the $11 million refinancing of a 222,139-square-foot, single-tenant retail property located in Altoona. Walmart occupies the property, housing a grocery store, auto care center, pharmacy and a hair salon. The names of the borrower, a private investment group, and direct lender, a bank, were not disclosed.

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Shoppes-at-Eastchase-Montgomery-Ala
AlabamaFinanceNews

Northmarq Arranges Acquisition Financing for 388,700-Square-Foot Shopping Center in Montgomery, Alabama

by Hayden Spiess

Montgomery, Ala. — Northmarq has arranged financing for the acquisition of Shoppes at EastChase, a 388,700-square-foot shopping center located in Montgomery. Chad Owens of Northmarq’s Houston debt/equity team secured the loan through an undisclosed national bank on behalf of the borrower, an entity doing business as 5Rivers CRE. The loan carries a 10-year term with 4 years of interest only and a 40-year amortization schedule. Dillard’s, Target, Kohl’s and H&M anchor the property. Other tenants include Aldi, Ross Dress for Less, PetSmart, Ashley’s, DSW, Versona, Lululemon, Starbucks Coffee, Victoria’s Secret …

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Edens-Collection-Chicago
FinanceIllinoisNews

The Jaffe Cos. Receives $40 Million Refinancing for Edens Collection in Chicago

by Hayden Spiess

Chicago — The Jaffe Cos. has received a $40 million loan for the refinancing of Edens Collection, a retail center located in Chicago. Built in 2020, the property comprises 142,740 square feet and was 94 percent leased at the time of financing. Keith Largay and Christopher Knight of JLL Capital Markets secured the five-year, floating-rate loan through Pacific Life Insurance Co. on behalf of the borrower. Target anchors the center, which is home to other tenants including Ross Dress for Less, Starbucks Coffee, LA Fitness, Five Below, Chipotle Mexican Grill, …

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FinanceNew YorkNews

Ashkenazy Acquisition Corp. Receives $20.6 Million Refinancing for Manhattan Retail Property

by Hayden Spiess

New York City — Ashkenazy Acquisition Corp. has received a $20.6 million loan for the refinancing of a 25,673-square-foot retail property located along Third Avenue on Manhattan’s Upper East Side. The property was fully leased at the time of the loan closing. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the 10-year, fixed-rate acquisition loan through Bank of Montreal on behalf of ownership.

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FinanceIndustry ContentNewsWashington DC

NRF: Holiday Retail Sales Rose 5.3 Percent to $936.3 Billion in 2022

by Hayden Spiess

 Washington, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement on the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines that holiday season as Nov. 1 through Dec. 31, 2022. “We knew …

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