Prudential Mortgage Capital Co. has closed a $108 million loan on behalf of its general account client for a portfolio of retail properties owned by Kimco Realty Corp.
The portfolio consists of seven grocery-anchored retail centers and one non-grocery-anchored community center located in Florida, New Hampshire, New Jersey, North Carolina, Pennsylvania and Texas. Constructed between 1967 and 2002, the properties total more than 1.5 million square feet.
Tom Goodsite, a principal in Prudential Mortgage Capital's Atlanta office, arranged the seven-year fixed-rate loan.
"We were delighted to work with Kimco Realty on this transaction, which was an excellent investment opportunity for Prudential Mortgage Capital because of the borrower's real estate expertise and the portfolio's strong grocery-anchored properties," Goodsite says.
SOURCE: Prudential Mortgage Capital Co.