Rio Norte Shopping Center Owners Snag $27M Refi Loan

A partnership consisting of Auberbach Funds LLC’s Auerbach Opportunity Fund I LP and Elevation Real Estate obtained a $26.9 million loan to refinance the Rio Norte Shopping Center in Laredo, TX. JLL’s Dustin Dulin and William Hairston led the team that placed the three-year, floating-rate loan with Bayview Commercial Mortgage.

The partners, which have owned the power center for more than two years, will use the money to retire existing debt on the property. The refinance will also fund the expansion of the Ross Dress for Less space and newly executed lease for dd’s discount.

Situated on 16.7 acres at 5404 San Bernardino, the center is off Interstate 35 and is in the heart of Laredo’s retail core. Ross Dress for Less is the anchor; the center also houses Michael’s Petco, Dollar Tree, Shoe Carnival, Five Below, dd’s discounts and Specs.

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