DRA Advisors, KPR Secure $415M Portfolio Refi

February 10, 2026

The retail properties total 2.4 million rentable square feet.

DRA Advisors and KPR Centers have secured a $415 million refinancing package for a 13-property retail portfolio in the Northeast. HPS Investment Partners, on behalf of a separate managed account, provided the loan in a deal arranged by Newmark.

The portfolio totals 2.4 million rentable square feet, with the assets located in Pennsylvania, Connecticut, Massachusetts and New Jersey. The properties are mainly grocery-anchored, open-air shopping centers. Some properties mentioned in the package include the Groton Shopping Center in Groton, Conn., Trexlertown Plaza in Trexlertown, Pa., and Franklin Village Plaza in Franklin, Mass.

Of these properties, all three are grocery-anchored by Aldi, Giant Food Stores and Stop & Shop respectively, according to Yardi Matrix. The partnership acquired the assets between June and July 2022 from Cedar Realty Trust. The refinancing replaces permanent loans provided by Bank of America in 2022, that were set to mature in June 2027, the same source shows.

Newmark secured the financing on behalf of the joint venture. The team was led by Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Director John Caraviello, Associate Dan Axelson and Executive Vice Chairman of U.S. Capital Markets Adam Doneger.

Retail transactions with big price tags

The retail market trends favoring open-air shopping centers as preferred destinations for many brands became evident in 2025. According to Colliers’ outlook for 2026, the retail market is expected to see positive demand and low vacancies for smaller store formats and in-line spaces. On the other hand, construction will decrease as developers hesitate to start new projects due to economic uncertainty.

Aligned with this outlook for new construction, investors remain focused on acquisitions and refinancing. Last week, Blackstone Real Estate Partners X shared it will receive a $331.2 million CMBS loan for a 16-property portfolio across Texas. The owner purchased the portfolio from Global Fund Investments.

In Virginia, GGP Retail LLC received a $435 million commercial mortgage loan for Tysons Galleria in McLean, Va., this past January. The deal will close on Feb. 12, 2026. Alexander’s Inc. also refinanced Rego Park II in Queens, N.Y., in December 2025. The $175 million loan is set to mature in 2030.