PGIM has provided a $33 million loan for the Graceland Retail Center in Columbus, Ohio, on behalf of institutional investors.
The two-year bridge loan includes three one-year extension options and a future funding facility for capital improvements. The property securing the loan comprises more than 320,000 square feet, with anchor tenants including Kroger, LA Fitness and Michaels. A corporate-owned Target, developed by the sponsor in 2005, shadow-anchors the property.
Graceland Retail Center is located nine miles north of the Columbus central business district. The property is conveniently located between two established northern Columbus communities, Worthington and Clintonville.
Christy Lockridge and Craig Foreman, based in Chicago, led the transaction on behalf of PGIM.
