Devonshire REIT Inc. recently closed $19.07 million in financing for six commercial properties in Ohio, Michigan and West Virginia.
The financing was used to purchase the 102,000-square-foot Giant Eagle-anchored Barberton Shopping Center, located in Barberton, Ohio. In addition, the funds were used to refinance the Kroger/Big Lots Shopping Center in Taylor, Mich.; the Kroger-Heatherdowns shopping area in Toledo, Ohio; the South Haven Shopping Center in South Haven, Mich.; Michaels in Barboursville, W.Va.; and the Anthony Wayne Professional Building in Whitehouse, Ohio.
These properties have a combined value of $28.99 million, according to a company press release.
The 10-year, fixed-rate loan was provided by Prudential Mortgage Capital Co.
Chris Campbell, CEO and president of Devonshire says, ‘Locking in long-term, low-rate financing stabilizes enterprise-level cash flow and enhances shareholder value. The viability and reliability of our business model is further confirmed with each of these large financing packages.’
‘This financing exemplifies the effectiveness of our capital markets strategy of accumulating assets and then carving out a multi-property portfolio that we can finance on more competitive terms than if we had financed the properties individually,’ adds Mike Denman, executive vice president of real estate for Devonshire. ‘We will continue this strategy as we look to exploit the tremendous opportunities offered in the Midwest and Great Lakes regions.’
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