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Colliers Arranges $34M Refi of Retail Center in Williamsburg
Colliers Capital Markets has arranged the $33.5 million refinancing of the New Town Shops on Main plaza in Williamsburg, Virginia, on behalf of Developers Realty Corporation.
The Colliers team was led by Dylan Kane and Zach Redding, managing directors of the New York Capital Markets group. The loan was provided by ArrowMark Partners, a Denver-based investment management platform.
New Town Shops on Main, built in 2007, is a 91%-leased, anchored lifestyle center that serves as the centerpiece of the 365-acre, master-planned New Town community, which consists of residential homes, office buildings, restaurants, and retail properties. The 248,000-square-foot property is made up of 12 adjacent buildings and 48 retail spaces.
Regal recently signed a long-term lease extension through July 2036 and is about to begin a multi-million-dollar renovation of the 12-screen theater, which will serve as an anchor for the center over the next decade. The comprehensive renovation, along with ongoing leasing costs at the property, will be funded by the new financing.
