KeyBank Secures $11.4 Million Acquisition Financing for Retail Property in Tucson, Arizona

Tucson, Ariz. — KeyBank Real Estate Capital has secured $11.4 million in acquisition financing for Rolling Hills Square, a 114,102-square-foot shopping center anchored by Fry’s grocery store in Tucson. The property includes six buildings and a vacant parcel. The financing, which was secured on behalf of Portal Investment Management, includes an initial funding of $9.8 million and a future funding of $1.6 million. The future funding will be used for tenant and capital improvement expenses as Portal Investment Management repositions the property. The loan is structured with a three-year, interest-only initial term with an option to extend for two 12-month periods that amortize on a 30-year schedule. Charles Flanary of KeyBank structured the financing.