Devonshire REIT, Inc. recently closed a portfolio financing for six properties in the principal amount of $19.07 million with a total property valuation of $28.99 million. Devonshire used the proceeds of this transaction to purchase the Barberton Shopping Center, a 102,000-square-foot Giant Eagle-anchored shopping center in Barberton, Ohio.
The transaction also allowed Devonshire to refinance a Kroger/Big Lots Shopping Center in Taylor, Mich.; Kroger-Heatherdowns in Toledo, Ohio; South Haven Shopping Center in South Haven, Mich.; and the Anthony Wayne Professional Building in Whitehouse, Ohio.
The 10-year, fixed rate loan was provided by Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc.
© 2014 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or firstname.lastname@example.org