Portsmouth, NH — Cornerstone Realty Capital recently arranged $29 million for the refinance and development of Portsmouth Green, a spacious retail center located along Route 1 in Portsmouth, NH.
Once construction is complete, the property will feature 27 retail spaces throughout 8 buildings for a total of approximately 172,000 square feet. The center currently features strong local and national tenants such as McKinnon’s Supermarket, Cinemagic Cinema, Shio Japanese Restaurant, Hand & Stone Spa, Starbucks, and two specialty fitness studios, Orange Theory and Pure Barre. Notably, Athleta, a premium fitness and lifestyle brand designed for and by women, selected Portsmouth Green as their first New Hampshire location.
Additional retail, dining and entertainment spaces will be opening once construction completes, bringing in new tenants such as PiNZ, a bowling alley and social entertainment venue, Chipotle Mexican Grill and Making Faces, a boutique make-up salon. The property features ample parking spaces for customers to use as they enjoy Portsmouth Green’s many offerings.
Regarded as one of the top places to live in New Hampshire and one of the best cities for job growth in America, Portsmouth has become an increasingly popular city over recent years for those being priced out of larger cities, as well as tourists looking for a getaway in the picturesque sea town. As the area continues to grow and develop, Portsmouth Green is the perfect go-to for locals to shop, dine out and access a variety of entertainment options. Situated in a prime location along Route 1, Portsmouth Green’s draw reaches further than just the city of Portsmouth. Communities along New Hampshire’s seacoast and southern Maine also enjoy the variety that Portsmouth Green offers. Recently, a 95-unit apartment building known as The Veridian Residences opened next to Portsmouth Green, bringing in additional foot traffic from residents eager to explore their new home. Portsmouth Green continues to grow with its community, bringing additional, desirable tenants to the growing city.
Josh Levy, co-founding principal of Waterstone Properties, added that, “Due to Cornerstone’s strong relationships with lenders throughout New England, exacting process, and aggressive demeanor in the market place, we were able to secure a financing package that caters directly to our financing needs and will allow for the realization of our overarching vision for this unique asset.”
Cornerstone delivered an aggressive fixed-rate financing structure with 36 months of interest only followed by a 25-year amortization.
Cornerstone specializes in structuring and sourcing innovative financing for all property types.
Waterstone Properties Group, Inc. is a privately-owned real estate development company with a diverse portfolio of assets totaling over 7 million square feet of space in 14 states with an additional 3 million square feet under development. Waterstone specializes in the creation of retail centers, mixed-use properties, residential projects, corporate headquarters, medical facilities and logistics/warehousing.