{"id":1004454970,"date":"2020-06-09T05:08:27","date_gmt":"2020-06-09T13:08:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004454970"},"modified":"2020-06-09T07:24:12","modified_gmt":"2020-06-09T15:24:12","slug":"largo-group-arranges-83m-funding-for-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/largo-group-arranges-83m-funding-for-retail-portfolio\/","title":{"rendered":"Largo Group Arranges $83M Funding for Retail Portfolio"},"content":{"rendered":"
\"\"

Image courtesy of rawpixel.com<\/em><\/p><\/div>\n

The Largo Group of Cos., of Getzville, N.Y., has secured $83.3 million in permanent financing for an eight-property, grocery-anchored retail portfolio<\/a>. Kevin Heiss, the company\u2019s Toronto-based managing director, arranged a 10-year loan at a competitive interest rate with one of Largo\u2019s 21 correspondent lenders on behalf of the unidentified borrower.<\/p>\n

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READ ALSO<\/strong>: As Stores Reopen, How Quickly Will Retail Recover?<\/a><\/p>\n

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The cross-collateralized pool totals 945,000 square feet and includes high-quality anchors such as Walmart, Publix and Giant. The portfolio is spread across Pennsylvania, Florida, North Carolina, Georgia, Tennessee, and Michigan. Largo declined to provide additional information about the transaction or the parties.<\/p>\n

Steady activity <\/h2>\n

In a Commercial Property Executive<\/em> podcast in December<\/a>, Cedar Realty Trust President & CEO Bruce Schanzer discussed why grocery-anchored realty assets are so resilient in the current retail environment.<\/p>\n

And while larger transactions grab the spotlight, there are plenty of smaller\u2014if you\u2019ll pardon the expression, bread-and-butter\u2014deals involving grocery-anchored properties.<\/p>\n

In December, PAG Investments bought Simsbury Commons<\/a>, a 256,800-square-foot shopping center in Simsbury, Conn., near Hartford, that\u2019s anchored by a Stop & Shop traded for $46.5 million. NKF both brokered the property on behalf of the seller and arranged the buyer\u2019s financing.<\/p>\n

And early this year, two grocery-anchored retail properties traded in metro Philadelphia. In January,  Barings Real Estate sold<\/a> the Whole Foods\u2013anchored Baederwood Shoppes, in Jenkintown, Pa., to a joint venture of Inland Institutional Capital and Charter Realty & Development Corp for $43.3 million.<\/p>\n

In February, a partnership of Madison International Realty and SITE Centers Corp. sold Cross Roads Plaza<\/a> in Hainesport, N.J., to Medipower Public Co. for $25 million. The center is anchored by ShopRite. JLL brokered the deal for the seller.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 10-year permanent financing is for a multi-state portfolio of grocery-anchored retail centers. <\/p>\n","protected":false},"author":882,"featured_media":1004455057,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,13,23891,21742,21749],"tags":[48191,32997,49540,33964,49537,32917],"class_list":["post-1004454970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midwest","category-national","category-latest","category-retail","tag-cedar-realty-trust-inc","tag-giant-food","tag-kevin-heiss","tag-publix","tag-the-largo-group-of-companies","tag-walmart"],"acf":[],"yoast_head":"\nLargo Group Arranges $83M Funding for Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/largo-group-arranges-83m-funding-for-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Largo Group Arranges $83M Funding for Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"The 10-year permanent financing is for a multi-state portfolio of grocery-anchored retail centers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/largo-group-arranges-83m-funding-for-retail-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-09T13:08:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-09T15:24:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Shopping-cart_rawpixel.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/largo-group-arranges-83m-funding-for-retail-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/largo-group-arranges-83m-funding-for-retail-portfolio\/\",\"name\":\"Largo Group Arranges $83M Funding for Retail Portfolio - 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