Image courtesy of Waterstone Properties.

An under-construction retail center in Portsmouth has been refinanced with help from Cornerstone Realty Capital.

The firm recently arranged $29 million for the refinance and development of Portsmouth Green, a spacious retail center located along Route 1 being developed by Waterstone Properties.

Once construction is complete, the property will feature 27 retail spaces throughout eight buildings for a total of 172,000 square feet. The center currently features strong local and national tenants such as McKinnon’s Supermarket, Cinemagic Cinema, Shio Japanese Restaurant, Hand & Stone Spa, a Starbucks and two specialty fitness studios, Orange Theory and Pure Barre. Notably, premium fitness and lifestyle brand Athleta selected Portsmouth Green as the site of its first New Hampshire location. Additional retail, dining and entertainment spaces will be opening once construction completes, bringing in new tenants such as PiNZ, a bowling alley and social entertainment venue, Chipotle Mexican Grill and Making Faces, a boutique make-up salon.

As the area continues to grow and develop, Portsmouth Green’s developers hope it will become the perfect go-to for locals to shop, dine out and access a variety of entertainment options, thanks to a prime location along Route 1. Recently, a 95-unit apartment building known as The Veridian Residences opened next to Portsmouth Green, bringing in additional foot traffic.

“Due to Cornerstone’s strong relationships with lenders throughout New England, exacting process and aggressive demeanor in the market place, we were able to secure a financing package that caters directly to our financing needs and will allow for the realization of our overarching vision for this unique asset,” Waterstone co-founding principal Josh Levy said in a statement.

Cornerstone delivered an aggressive fixed-rate financing structure with 36 months of interest only followed by a 25-year amortization.