By Joshua Burd
Ashkenazy Acquisition Corp. has secured a $7.5 million loan to refinance a 76,000-square-foot, grocery-anchored shopping center in Atlantic City.
In a news release, the New York-based firm said Provident Bank originated the seven-year, fixed-rate loan in connection with Renaissance Plaza. A team led by Newmark Senior Managing Director Daniel Fromm brokered the transaction, which allows Ashkenazy to refinance an existing loan that was maturing.
“Despite the challenges brought upon by the pandemic, this property has done exceptionally well,” said Joe Press, Ashkenazy’s chief operating officer. “Owning one-of-a-kind, irreplaceable assets will always be in demand.”
Fromm added: “This financing is a testament that strong sponsors like AAC continue to tap the debt capital markets even in these volatile times.”