At a glance
- Kimco Realty provided preferred equity on undisclosed terms alongside $104 million of senior financing from funds managed by Blackstone.
- Allocators comparing retail recapitalizations can use the deal as a data point: Kimco's preferred equity sits below $104 million of fixed senior debt from Blackstone-managed funds.
- Connect CRE reported the center is 92.6% occupied and that Whole Foods Market is the market's only location.
Newmark arranged a recapitalization of Fritz Farm, a 330,077-square-foot lifestyle center in Lexington, Ky., owned by Hendricks Commercial Properties.
Kimco Realty provided preferred equity on undisclosed terms alongside $104 million of senior financing from funds managed by Blackstone.
Allocators comparing retail recapitalizations can use the deal as a data point: Kimco's preferred equity sits below $104 million of fixed senior debt from Blackstone-managed funds.
Connect CRE reported the center is 92.6% occupied and that Whole Foods Market is the market's only location. The 36-acre campus, originally The Summit at Fritz Farm, was delivered in 2017 by Birmingham, Ala.-based Bayer Properties, according to REBusiness Online. Tenants also include Apple, Sephora, Nike, lululemon and Williams-Sonoma. The seniors housing community and hotel were not part of the transaction, and about six acres remain available for development alongside development rights for additional retail and residential space, REBusiness Online reported.
| Party | Role | Size |
|---|---|---|
| Newmark | Arranged recapitalization and financing | 330,077 sq ft |
| Kimco Realty | Preferred equity investor | Not disclosed |
| Blackstone-managed funds | Senior lender | $104 million |
| Hendricks Commercial Properties | Sponsor / owner | Acquired 2025 |
Reported by the Fundraising desk from Connect CRE and REBusiness Online. Published . Corrections