$24.8 million financing for retail center in Vancouver, Washington, secured by HFF
SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it arranged $24.8 million in proceeds to finance Hazel Dell Towne Center, a 264,191-square-foot retail center in Vancouver, Washington.
HFF worked on behalf of the sponsor, Pine Tree Commercial Realty, LLC, to place the five-year, floating-rate loan with East West Bank.
Situated on 41.7 acres, Hazel Dell Towne Center is visible from Interstate 5, which runs directly into Portland, Oregon, across the Columbia River. Built between 2005 and 2007, the 84-percent-leased center is home to a variety of national and local tenants, including Kohl’s, Bed Bath & Beyond, Petco, Office Depot, Party City, Payless ShoeSource, Supercuts and a Target shadow-anchor.
The HFF debt placement team representing the sponsor was led by senior managing director Bruce Ganong, managing director Casey Davidson and associate director Brandon Roth.
“Hazel Dell benefits from a prominent location along Interstate 5 with excellent visibility,” Roth said. “Pine Tree has maintained an institutional quality asset since first acquiring the property in 2007, and the new loan provided by East West Bank positions the center to achieve its full potential.”
About Pine Tree Commercial Realty, LLC
Pine Tree Commercial Realty, LLC is a full-service real estate company specializing in retail based in Northbrook, Illinois. Since its founding in 1995, Pine Tree has acquired and developed 74 properties with an aggregate value of nearly $815 million. The company’s projects are located across the United States. For more information, visit www.pinetreeinstitutional.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.