COLUMBUS, OHIO — PGIM has provided a $33 million, two-year bridge loan for the Graceland Retail Center in Columbus. The shopping center spans 320,000 square feet. Anchor tenants include Kroger, LA Fitness and Michaels. The center was originally constructed in 1954 and redeveloped in 2005. Christy Lockridge and Craig Foreman of PGIM led the loan transaction on behalf of PGIM. Unnamed institutional investors were the borrowers.
“This loan on a grocery-anchored retail center will help the sponsor make improvements at the property to achieve its business plans,” says Marcia Diaz, global head of originations at PGIM Real Estate Finance. “This financing represents the first of many we would like to realize in the core-plus space. Our expansion will continue through identifying both stabilized and transitional properties that meet our financing criteria.”