Bank of Montreal Provides $73M Acquisition Loan for Virginia Beach Retail Complex

Yale Realty Services has secured $73.4 million of acquisition financing to complete the purchase of the Landstown Commons Shopping Center, a 408,000-square-foot retail complex in Virginia Beach, Va., Commercial Observer can first report.

Bank of Montreal provided the acquisition debt, while Berkeley Capital Advisors’ Rob Carter arranged the transaction. Yale Realty Services purchased the asset from an undisclosed real estate investment trust earlier this month for $102 million, according to a release.

Yale Paprin, president and owner of Yale Realty Services, described the Landstown Commons Shopping Center as “a first-in-class property” that benefits from both high employment statistics and demographic diversity across the submarket of Virginia Beach, the commonwealth of Virginia’s most populous city. 

“This [is] a very appealing addition to our portfolio,” he added. “This shopping center, with its mix of shopping, dining, entertainment and fine retail makes it a perfect investment for us.”

Located at 3332 Princess Anne Road in Virginia Beach — a city along the Atlantic Ocean within the Chesapeake Bay — the Landstown Commons Shopping Center is an open-air facility that opened in late 2006. Anchor tenants are Best Buy, Ultra, Ross Shop for Less and Old Navy. 

Brian Pascus can be reached at bpascus@commercialobserver.com.