Colliers Arranges $33.5M Refinancing for New Town Shops on Main in Williamsburg
Colliers Capital Markets has successfully arranged a $33.5 million refinancing deal for New Town Shops on Main, a prominent lifestyle retail plaza located in Williamsburg, Virginia. The financing was secured on behalf of Developers Realty Corporation.
Leading the effort were Dylan Kane and Zach Redding, Managing Directors from Colliers’ New York Capital Markets group. The loan was provided by ArrowMark Partners, a Denver-based investment management firm.
Originally constructed in 2007, New Town Shops on Main is a 248,000-square-foot, 91%-leased retail center. It comprises 12 contiguous buildings and 48 retail spaces and serves as the commercial hub of the larger 365-acre New Town master-planned community. The area includes residential neighborhoods, office buildings, restaurants, and various retail outlets.
A key tenant, Regal, recently committed to a long-term lease extension through July 2036 and is preparing for a multi-million-dollar renovation of its 12-screen theater. This investment aims to reinforce Regal’s position as an anchor tenant, helping to drive foot traffic and sustain the center’s appeal over the next decade.
Proceeds from the refinancing will be used to fund the theater’s renovation as well as ongoing leasing initiatives for the property.
