Exclusive: Pittsburgh Power Centers Land $118M in Refis

October 6, 2026

Retail Finance Mid-Atlantic News More Pittsburgh

Nationwide and Voya Financial issued the two loans.

Aerial shot of a multi-building retail center. — Zamagias Properties’ entire retail portfolio is within Pennsylvania. *Image by Bits and Splits/Adobe Stock*

Zamagias Properties has secured two refinancing loans for two of its retail centers in metro Pittsburgh, namely Donaldson’s Crossroads Shopping Center and Robin Town Center. Nationwide Insurance Co. and Voya Financial provided the loans, which total $118.2 million, according to Yardi Matrix information.

Nationwide Insurance Co. provided a $39.3 million permanent loan for Donaldson’s Crossroads Shopping Center, a 238,656-square-foot retail property at 4007 Washington Road, in Canonsburg. Nationwide’s note is scheduled to mature in October 2034. The refinancing retires the previous $33.6 million debt on the property issued by The Huntington National Bank in 2023.

Similarly, Voya Financial issued a $78.9 million note for the 456,029-square-foot Robinson Town Center, at 1020 Park Manor Blvd., in Pittsburgh. The refinancing retires a previous loan in the amount of $62 million, provided by the same The Huntington Bank.

Zamagias Properties’ retail footprint only includes Pennsylvania assets, with additional centers in Gibsonia, Crafton, McMurray, Lancaster, Mill Hall and Pittsburgh. In fact, three other retail assets owned by Zamagias secured financing this fall, all from Standard Insurance Co., according to Yardi Matrix. The three properties are Murrysview Shoppes at 5030 William Penn Highway in Monroeville, Richland Mall at 5375 William Flynn Highway in Gibsonia and Shaler Plaza at 800 Butler Street in Pittsburgh.

Two Pittsburgh retail centers in an improving market

Opened in 1997, Donaldson’s Crossroads Shopping Center features three single-story buildings across a 24-acre site. Its roster includes tenants such as a Giant Eagle supermarket, T.J. Maxx, Five Below, Eye Candy Optical Center, JPMorgan Chase Bank and Leona Animal Supply. Completed in 1988, Robinson Town Center comprises 10 single-story buildings across a 70-acre site. Its tenant roster includes IKEA, Guitar Center, Dollar Tree, Kirkland’s and Marshalls.

Just off U.S. Route 19, Donaldson’s Crossroads is less than 15 miles southwest of downtown Pittsburgh. Robinson Town Center sits at the interchange between Interstate 376 and Pennsylvania State Route 60, 7 miles southeast of Pittsburgh International Airport and 11 miles northwest of downtown.

Pittsburgh’s retail market began showing improvement in the second quarter of this year, with 9,056 square feet of net positive absorption, marking the first such gain since 2024, according to a report by Colliers. Leasing activity during the period totaled 115 transactions adding up to 445,678 square feet, recording an 8.6 percent rise compared to the first three months of 2026.

Retail vacancy also improved, in the second quarter, sliding to 4.5 percent, down 20 basis points quarter-over-quarter. Though Pittsburgh retail continues to face headwinds, the uptick in absorption combined with the decline in vacancy points to sustained demand across the metro, especially across grocery-anchored, service-oriented and experiential retail assets.