Paramount Refinances Mid-Atlantic Portfolio with $215M
By Keith Loria May 4, 2022 5:47 pm
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Paramount Realty has secured $215 million from three banks to refinance a portfolio of retail, medical office and office buildings in Pennsylvania and Maryland.
JLL (JLL) facilitated a trio of fixed-rate loans through Investors Bank, OceanFirst Bank and Provident Bank.
Three of the portfolio’s 30 properties are in Maryland, including 2 Compass Road, a retail property in Essex with CVS as its lone tenant; 3915 Hollins Ferry Road, another CVS retail property in Lansdowne; and 5605 Baltimore National Pike, a retail store housing Super Liquors in Catonsville.
Overall, the portfolio comprises nine grocery-anchored retail centers, nine single-tenant retail properties, four neighborhood retail centers and eight medical and traditional office properties.
“Paramount Realty’s best-in-class operating team and long-term commitment to the portfolio created conviction for lenders around the assets’ durability,” Stephen Van Leer, director with JLL Capital Markets, told Commercial Observer. “The regional bank market ultimately proved to be an optimal lending solution, allowing the sponsor to capitalize on attractive fixed-rate terms in an otherwise volatile rate environment.”
The JLL team representing the borrower also included David Sitt, Eliott Zeitoune, Chris Pratt and George Kordahl.
Requests for comment from the banks involved were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.
