CBRE Arranges $25.9 Million Loan for Refinancing of Retail and Multifamily Portfolio in Savannah, Georgia

CBRE has arranged a $25.9 million loan for the refinancing of the Broughton Street portfolio in Savannah, Georgia, a 150,984-sq.-ft. mixed-use portfolio featuring high street retail with apartments above.

Mike Ryan, Brian Linnihan, Richard Henry, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, New York-based Acadia Realty Trust (NYSE: AKR), in the deal. The five-year refinancing loan was provided by Nationwide Life Insurance Company.

“This portfolio is ideally located along the dominant retail corridor in the heart of the largest historic district in the United States,” said Mr. Henry, Senior Vice President with CBRE. “Our team is pleased to have secured new financing with Nationwide on behalf of a great sponsor like Acadia Realty Trust.”

The Broughton Street portfolio includes 11 buildings located in the heart of Savannah’s Historic District. They include 18, 20, 25 East Broughton; 109-115, 204-206, 216-218, 220, 223, 226-228, 230-240, and 309-311 West Broughton streets. The portfolio includes 95,315 sq. ft. of retail and 48 Class A apartments 100% leased to Sonder. The retail space is 92.8% leased to 24 tenants, including Lululemon, Faherty, Ben & Jerry’s and Kendra Scott.