This financing package is a testament to Devonshire’s strategy of acquiring dominant, high value properties in secondary markets and underscores the improving metrics in those markets.
Whitehouse, Ohio (PRWEB) May 21, 2013
Devonshire REIT, Inc. has closed on an $18M loan secured by 4 retail properties with a combined valuation of $24.2M. The 10-year, fixed rate loan was provided by Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc.
Proceeds of the note were used to purchase Village Crossings Shopping Center in Cincinnati, OH, to refinance Plaza Shopping Center in Lancaster, OH, and to refinance 2 triple-net leased pharmacy properties - a CVS in Sandusky, OH and a Rite Aid in Swanton, OH. The addition of Village Crossings adds 89,000 square feet of leasable space to Devonshire’s portfolio and brings total square foot under management to 1.4 million square feet.
Chris Campbell, CEO and President of Devonshire said, “This financing package is a testament to Devonshire’s strategy of acquiring dominant, high value properties in secondary markets and underscores the improving metrics in those markets.”
Mike Denman, Executive VP of Real Estate added, “We are very excited to complete this first deal with Prudential Mortgage Capital Company and have already committed to a second. Locking in long term, low rate financing strengthens our overall debt structure and significantly increases cash flow.”
Devonshire REIT, Inc. is a fully integrated commercial real estate company that owns, operates, and develops dominant shopping centers and necessity properties primarily in the Great Lakes Region of the United States. The company’s portfolio currently consists of 27 properties representing 1.4 million square feet of leasable space. Devonshire REIT is available for investment only through select community bank trust departments, family offices and Registered Investment Advisors. Additional information can be found at http://www.devreit.com.