NORFOLK, VA-McKinley, owner of theJANAF retail center here has secured $60million in CMBS financing to refinancethe 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 AnnGripka and Alan Williams worked with theAnn Arbor, Mich.-based borrower to arrange the financing. This wasa ten-year loan secured by the power center, Hofmann tellsGlobeSt.com. "McKinley is a long-term clients and we were able towork quickly with them to secure the financing."
The asset itself is a strong one, he adds, as it serves a largearea of Norfolk. In general, though, CMBS financing remains strongfor such deals, especially in the Mid-Atlantic. "It is a safegrowth area and secure place to deploy capital," Hofmann says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.