ShopOne REIT Lands $325M in Financing
Commercial Observer (November 14, 2017)—KeyBanc Capital Markets has provided a $325 million senior credit facility to ShopOne Centers REIT, a recently launched private real estate investment trust that specializes in grocery-anchored shopping centers, Commercial Observer can first report.
Huntington Bank, Regions Financial Corporation and BBVA Compass were joint lead arrangers on the debt—a four-year loan with an option for a one-year extension. The new facility includes a $150 million revolving component.
Funds affiliated with Davidson Kempner Capital Management holds the bulk of the equity of ShopOne, which launched in October. The investment trust currently has 47 shopping centers in nine states comprising about 5 million square feet, most of which were acquired from Devonshire REIT. Huntington Bank has previously transacted with ShopOne’s predecessor companies, Michael Carroll, ShopOne’s chief executive officer told CO via a spokeswoman.
Publix in The Trails proposed to be redeveloped, will remain in shopping center
The Publix in The Trails Shopping Center could get a total renovation in the near future.
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Strategic Purchase Marks Company’s Entry into Nevada
ShopOne Centers REIT Adds Joseph LoParrino to Executive Team
Industry veteran will serve as Chief Accounting Officer