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23

PGIM Secures $33 Million Loan for Columbus Retail Center

By Tony Seruga

The financing will support capital improvements to Graceland Retail Center, a 456,021-square-foot property located nine miles from Columbus’ central business district.

PGIM Real Estate locked in $33 million in financing for Graceland Retail Center in Columbus, Ohio. The two-year loan is part of the company’s core-plus lending strategy, implemented to assist transitional commercial real estate properties with a value-add component. It includes three one-year extension options and a future funding facility for capital improvements.

“This loan on a grocery-anchored retail center will help the sponsor make improvements at the property to achieve its business plans,” said Marcia Diaz, global head of originations at PGIM Real Estate Finance, in prepared remarks. “This financing represents the first of many we would like to realize in the core-plus space. Our expansion will continue through identifying both stabilized and transitional properties that meet our financing criteria.”…

PGIM Secures $33 Million Loan for Columbus Retail Center

Categories : Commercial Real Estate

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