VA Centers Get $125M Loan to Renovate

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

FREDERICKSBURG, VA-A group of shopping centers here, owned by the Rappaport Cos., has obtained a $125-million refinancing loan from IXIS Real Estate Capital that will allow the developer to renovate a portion of the asset. The portion to be renovated, a collections of buildings totaling just under 700,000 sf, is part of the 2.5-million mixed-use Central Park development.

Besides Rappaport’s portion of Central Park, the 45,300-sf Waverly Village, a service-oriented center just south of the mixed-use development, will receive the financing. Within the company’s Central Park holdings, the 250,000-sf Central Park Town Center shopping area will get the makeover.