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.
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