KeyBank Real Estate Capital secured $51.6 million in three separate fixed-rate financings for First National Realty Partners, LLC to acquire three retail centers in Ohio, Oklahoma and Pennsylvania.
Located in Boardman, Ohio, Southland Crossings is a 245,678-square-foot retail center. The property is anchored by Giant Eagle, Michaels, Ross Dress for Less, and PetSmart. In addition, the property is shadow-anchored by Walmart and Lowe’s. A new tenant, Bob’s Discount Furniture, is finalizing its build-out and expects to open in February 2022.
Located in Tulsa, Oklahoma, Summit Square is a 166,552-square-foot retail center anchored by Reasor’s Foods, American Freight, and Tuesday Morning.
Located in Tarentum, Pennsylvania, The Village at Pittsburgh Mills is a 161,079-square-foot retail center. The property is anchored by Ross Dress for Less, Michaels, PetSmart, and ALDI.
Jon Scott of KBREC structured the financing with a 5-year loan term, interest only payments, and included unfunded components for good-news leasing and capital improvements.
