Retail Owner Maps New Course With $271M Refi

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PHOENIX-A local developer has pulled an 11-property, class A retail portfolio off the market, opting instead to refinance it with two loans totaling $271 million. Asset owner PDG America also brought a capital partner into the 1.67-million-sf mix.

According to Patrick Dempsey, principal with the Phoenix office of Lee & Associates, the local seller had every intention of disposing of the portfolio when it was first introduced to the market in July 2006. “The seller made the decision to proceed with redevelopment of certain components of the portfolio and add value while bringing in a structured finance partner,” says Dempsey, who with Lee & Associates principals Jan Fincham and Kevin Kopp, marketed the package.