August 22, 2019
Cornerstone Realty Capital has secured a $29 million loan to refinance Portsmouth Green, a 172,000-square-foot retail center in Portsmouth, NH. Funds from the refinancing will go towards expanding the center.
The center currently features a tenant roster that includes McKinnon’s Supermarket, Cinemagic Cinema, Shio Japanese Restaurant, Hand & Stone Spa, Starbucks, and two specialty fitness studios, Orange Theory and Pure Barre. Additional retail, dining and entertainment spaces will be opening once construction completes, including PiNZ, a bowling alley and social entertainment venue, Chipotle Mexican Grill and Making Faces, a boutique make-up salon.
Cornerstone secured a fixed-rate financing structure with 36 months of interest-only payments, followed by a 25-year amortization schedule on behalf of privately-owned real estate development company Waterstone Properties Group. The lender was not disclosed.
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