|By PR Newswire||
|September 10, 2013 11:43 AM EDT||
WHITEHOUSE, Ohio, Sept. 10, 2013 /PRNewswire/ -- Devonshire REIT, Inc. announced today the closing of a portfolio financing for six properties in the principal amount of $19.07 million with a total property valuation of $28.99 million. The 10-year, fixed rate loan was provided by Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc.
Proceeds of the financing were used to purchase Barberton Shopping Center, a 102,000 square foot Giant Eagle anchored shopping center in Barberton, OH, and to refinance the following properties: Kroger/Big Lots Shopping Center, Taylor, MI, Kroger - Heatherdowns, Toledo, OH, South Haven Shopping Center, South Haven, MI, Michaels - Barboursville, WV and Anthony Wayne Professional Building, Whitehouse, OH.
Chris Campbell, CEO and President of Devonshire, said, "Locking in long term, low rate financing stabilizes enterprise level cash flow and enhances shareholder value. The viability and reliability of our business model is further confirmed with each of these large financing packages."
"This financing exemplifies the effectiveness of our capital markets strategy of accumulating assets and then carving out a multi-property portfolio that we can finance on more competitive terms than if we had financed the properties individually," added Mike Denman, Devonshire's Executive VP of Real Estate. "We will continue this strategy as we look to exploit the tremendous opportunities offered in the Midwest and Great Lakes regions."
Giant Eagle, Inc. is a regional supermarket chain with 229 stores located across Pennsylvania, Ohio, West Virginia and Maryland. Total sales for 2011 were $9.3 billion.
Devonshire REIT, Inc. is a fully integrated commercial real estate company that owns, operates, and develops dominant shopping centers and necessity properties primarily in the Midwest and Great Lakes regions of the United States. The company's portfolio consists of 33 properties representing 2.2 million square feet of leasable space. Devonshire REIT is available for investment only through select community bank trust departments, family offices and Registered Investment Advisors. Additional information can be found at http://www.devreit.com.
Read more news from Devonshire REIT, Inc.
Executive Vice President
Devonshire REIT, Inc.
This information is not an offer to sell or a solicitation of an offer to buy any security or to invest in any fund managed by, or otherwise affiliated with the Devonshire REIT, Inc. It is for informational purposes only and may not be relied upon in connection with the purchase or sale of any security. The Securities and Exchange Commission has not approved or disapproved this investment vehicle or determined whether the information in this document is adequate or accurate. Devonshire REIT, Inc. is available for investment to accredited investors only.
SOURCE Devonshire REIT, Inc.