Private real estate investment firm Ashkenazy Acquisition Corp. on Thursday announced a year-end refinancing of $7.5 million for Renaissance Plaza, a 76,000-square-foot grocery-anchored shopping center located in Atlantic City.
AAC received a seven-year fixed-rate loan from Provident Bank as part of the refinancing of an existing loan that was maturing. The financing was brokered by a team led by Daniel Fromm, a senior managing director of the Debt & Structured Finance Team at Newmark.
“Despite the challenges brought upon by the pandemic, this property has done exceptionally well,” Joe Press, chief operating officer at Ashkenazy Acquisition Corp. “Owning one-of-a-kind, irreplaceable assets will always be in demand.”
“This financing is a testament that strong sponsors like AAC continue to tap the debt capital markets even in these volatile times.”
Ashkenazy Acquisition Corp. is a New York-based private real estate investment firm focusing on retail, hotel and office assets located throughout the U.S. and Canada.