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Developers Realty Corporation Scores $31M Refi for Williamsburg Lifestyle Center
East Berlin, CT-based Developers Realty Corporation has secured a Colliers-arranged $30.5-million refinancing of the New Town Shops on Main lifestyle center in Williamsburg, VA. The center is 85% leased.
Dylan Kane and Zach Redding Peter Nicoletti of Colliers represented the borrower. The loan was provided by Romspen.
The property is central to the 365-acre, master-planned New Town community, which consists of residential, office, restaurant and retail. The 248,000-square-foot property is made up of 12 adjacent buildings and 48 retail spaces and anchored by Regal New Town Cinemas, Planet Fitness, JOANN Fabrics & Crafts and Barnes & Noble.
“The Developers Realty team attracted Planet Fitness to the center on a new 10-year lease and extending Regal Cinemas’ lease through the end of 2032 as part of a transformative renovation program,” said Kane. “The short-term loan provided by Romspen will provide capital for the anchor tenants’ respective near-term improvements and stabilize the center for the next decade.”
