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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.
- ◦Financing
