Zamagias Properties Secured $118.2 Million Refinancing
The firm replaced existing debt at two major Pittsburgh-area retail centers with new insurance-backed loans.
Updated on Oct. 6, 2026 in Commercial
Live Poll
Do you believe the local retail market in your area is currently improving?
Zamagias Properties has secured $118.2 million in refinancing for the Donaldson's Crossroads Shopping Center and the Robinson Town Center. The new funding from Nationwide Insurance and Voya Financial replaces previous debt held by Huntington National Bank.
Why it matters
This refinancing move allows the property owner to restructure debt for two significant regional retail assets. By shifting to insurance-backed financing, the company secures long-term capital for properties totaling nearly 700,000 square feet.
The new loans provided $39.3 million for the 238,656-square-foot Donaldson's Crossroads and $78.9 million for the 456,029-square-foot Robinson Town Center. Pittsburgh's broader retail market recorded a 4.5 percent vacancy rate in Q2 2026.
The players
Zamagias Properties
This is a real estate development and management firm with extensive holdings in commercial and residential properties.
Nationwide Insurance
It is a large insurance and financial services company that provides diversified investment products and commercial lending.
Voya Financial
This is a retirement, investment, and insurance company that offers asset management services to institutional clients.
Huntington National Bank
It is a regional bank holding company that provides commercial banking and real estate lending services across the Midwest.
The details
The financial package successfully retired $33.6 million in prior debt for the Canonsburg property and $62 million for the Robinson Township location. This transaction occurs against a backdrop of regional retail health, which saw 9,056 square feet of net positive absorption during the second quarter of 2026.
Timeline
Robinson Town Center was completed in 1988.
Donaldson's Crossroads Shopping Center opened in 1997.
Huntington National Bank issued the previous debt in 2023.
The Pittsburgh retail market recorded absorption gains in Q2 2026.
The loan for Donaldson's Crossroads is set to mature in October 2034.
Roadmap
This transaction reflects a broader trend of institutional lenders stepping into regional commercial real estate as traditional bank debt matures. It underscores the ongoing recalibration of property financing in the face of shifting market interest in established, high-traffic retail centers.
The stabilization of financing for these major retail hubs helps ensure the continued operation and maintenance of the properties. Residents and shoppers at these locations can expect consistent retail access as the centers operate under long-term financial backing.
The takeaway
Large-scale commercial refinancing indicates long-term commitment to established brick-and-mortar retail hubs despite broader shifts in consumer habits. Property owners typically leverage these deals to lower long-term borrowing costs while ensuring facility upkeep.
Further reading
For more on the regional real estate environment, visit the Pittsburgh Commercial section.
Source note: This article includes information reported by Commercial Property Executive.
Live Poll
Do you believe the local retail market in your area is currently improving?
