NORFOLK, VA-McKinley, owner of the JANAF retail center here has secured $60 million in CMBS financing to refinance the loan on its one-million-square foot regional shopping center. The power center is 97% occupied with such tenants as TJ Maxx, Sports Authority, OfficeMax and Petco.
KeyBank Real Estate Capital's John Hofmann, Mary Ann Gripka and Alan Williams worked with the Ann Arbor, Mich.-based borrower to arrange the financing. This was a ten-year loan secured by the power center, Hofmann tells GlobeSt.com. "McKinley is a long-term clients and we were able to work quickly with them to secure the financing."
The asset itself is a strong one, he adds, as it serves a large area of Norfolk. In general, though, CMBS financing remains strong for such deals, especially in the Mid-Atlantic. "It is a safe growth area and secure place to deploy capital," Hofmann says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
