Exclusive: Rappaport Secures $82M NoVa Refi

September 11, 2026

Finance Mid-Atlantic News Retail More Washington D.C.

The note backs 28 buildings within one of the largest retail centers on the East Coast.

Rappaport has secured an $82 million loan for refinancing 407,401 square feet of retail space in Fredericksburg, Va., according to Yardi Matrix information. The collection is part of the larger Central Park, a 2.5 million-square-foot complex spanning 310 acres known as the largest power retail center on the East Coast.

Aerial image of Central Park, a 2.5 million-square-foot retail complex in Fredericksburg, va. — Central Park is a 1995-built shopping destination where Rappaport owns some 410,000 square feet of retail space and roughly 140,000 square feet of office space. *Image courtesy of Rappaport*

Bank of America originated the note. Ackman-Ziff Real Estate Capital Advisors negotiated on behalf of the borrower, Rappaport told Commercial Property Executive. The proceeds will refinance roughly $75 million and fund near-term tenant improvements, leasing-associated costs and capital improvements across the retail properties.

The collateral comprises 28 single buildings within the broader Central Park property. Rappaport also owns an additional 137,298 square feet of office space within the power center, which was not included in the loan collateral.

Rappaport had owned and managed its retail component at Central Park since 2006. The open-air portfolio includes 68 tenants and is approximately 60 percent leased to tenants that have operated at the power center for more than 10 years, the company told Commercial Property Executive.

The owner completed more than 213,000 square feet of new leases and renewals over the past 24 months. Rappaport plans to continue its efforts and to lease up the recently announced vacancies.

Central Park is at 1340 Carl D. Silver Parkway. The retail destination is near the Interstate 95 and State Route 3 interchange, providing access to Washington, D.C., and Richmond, Va., both within a one-hour drive. Manassas, Va., and its regional airport are both 41 miles away. It is occupied by more than 150 tenants, including Walmart, Target, Kohl’s, Lowe’s and Best Buy.

Ackman-Ziff Real Estate Capital Advisors’ Principal Russell Schildkraut and Director Paul Roantree led the negotiations.

Fredericksburg retail market stays tight

Fredericksburg’s retail sector remained relatively tight during the second quarter of 2026, according to a report by Cushman & Wakefield. Vacancy reached 2.7 percent as of June, representing a 20-basis-point increase from the previous quarter and a 10 basis-point jump year-over-year. However, the rate still remained around historically low levels, consistent with broader retail market trends, including limited new supply.

Leasing activity recorded a 27 percent increase compared to the previous quarter, while neighborhood shopping centers accounted for 49 percent of total available space in the metro, the report shows. Power centers represented 26 percent of the available inventory, while strip and lifestyle properties 19 percent.