McKinley Announces Major Financing for JANAF Shopping YardJune 5, 2013
NORFOLK, VIRGINIA - McKinley and KeyBank closed a $60 million CMBS first mortgage financing for JANAF Shopping Yard, a one million square foot regional power center anchored by BJ's and Wal-Mart Supercenter. JANAF is located in the heart of Norfolk Virginia at the main intersection of Military Highway and Virginia Beach Boulevard. JANAF is one mile from the airport and eight miles from the Norfolk Central Business District.
McKinley has owned JANAF for over 20 years, originally acquiring the property as a 600,000 square foot distressed asset from the RTC. Today its a fully redeveloped vibrant center that is 97% occupied with a solid list of tenants that serve the needs of the US Navy and United States Coast Guard community in the region. Tenants include TJ Maxx, Panera Bread, Hooters, Navy Federal Credit Union,Sports Authority, OfficeMax, CitiTrends and Petco.
"KeyBank did a marvelous job for us with this financing, they understand us and the asset very well, and we could not have asked for better execution" offered Ken Polsinelli McKinley's Chief Real Estate Officer. "This is a very large transaction in today's CMBS environment and they didn't miss a beat throughout the entire process from concept to close," added Polsinelli.