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New York & Tri-State  + Midtown New York  + Retail  | 

HPS Provides $415M Refi to DRA, KPR for Grocery-Anchored Portfolio

Newmark Group, Inc. has arranged a $415-million loan on behalf of New York City-based DRA Advisors and KPR Centers to refinance a primarily grocery-anchored retail portfolio totaling approximately 2.4 million rentable square feet across the Northeast.

Co-president, Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, dDirector John Caraviello and associate Dan Axelson, in collaboration with executive vice chairman of U.S. Capital Markets Adam Doneger, secured the financing from HPS Investment Partners on behalf of a separate managed account.

The portfolio comprises 13 open-air shopping centers located in densely populated, infill markets across the Northeast. The portfolio benefits from prime trade-area positioning with significant barriers to entry and direct access to established consumer bases. Twelve of the assets in the portfolio are anchored by grocer tenants.

DRA and KPR partnered to acquire the properties in 2022 as part of a larger portfolio acquired from Cedar Realty Trust for $879 million.

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Newmark's Roeschlaub

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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