New York— Newmark Group, Inc. (Nasdaq: NMRK) announced it has arranged a $415 million loan to refinance a 13-property, grocery-anchored retail portfolio spanning the Northeast.
The financing was secured on behalf of DRA Advisors and KPR Centers and covers approximately 2.4 million rentable square feet of open-air shopping centers located in densely populated infill markets throughout the region. HPS Investment Partners provided the loan through a separately managed account.
Newmark’s debt and capital markets team was led by Co-President, Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Director John Caraviello and Associate Dan Axelson, in collaboration with Executive Vice Chairman of U.S. Capital Markets Adam Doneger.
The portfolio consists of 13 premier open-air retail centers, 12 of which are anchored by grocery tenants. The assets are positioned in established trade areas with high barriers to entry and direct access to strong consumer bases, factors that continue to support demand for necessity-based retail.
Newmark said the refinancing underscores ongoing lender appetite for well-located grocery-anchored retail assets in supply-constrained Northeast markets.
