$61 million refinancing arranged by HFF for four-property retail portfolio in Illinois, Indiana and the Carolinas
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $61 million refinancing for a four-property portfolio of grocery-anchored shopping centers totaling 542,683 square feet in Illinois, Indiana, North Carolina and South Carolina.
HFF worked on behalf of the borrower, a co-investment partnership between Regency Centers, LP and Global Retail Investors, LLC (a joint venture between CalPERS and First Washington Realty, Inc.), to place four separate 10-year, fixed-rate, interest-only loans totaling $61 million with Sentinel Asset Management. Loan proceeds are being used to refinance existing debt.
The shopping centers included in the portfolio are: Civic Center Plaza at 7801 North Waukegan Road in Niles, Illinois; Willow Lake West at 2902 West 86th Street in Indianapolis, Indiana; Merchant’s Village at 520 Folly Beach Road in Charleston, South Carolina; and The Shoppes of Kildaire at 1394 Kildaire Farm Road in Cary, North Carolina. The portfolio is 97.8 percent leased to a total of 73 tenants, including Trader Joe’s, Publix, Super H-Mart, Home Depot, Staples, Starbucks, Panera Bread and Pier 1 Imports.
The HFF debt placement team representing the borrower was led by senior managing director Jim Cadranell.
“It was a pleasure to work with the Regency team to find the most competitive financing in the market for these shopping centers,” Cadranell said. “Sentinel Asset Management is a new capital source for Regency, so both lender and borrower are pleased with the outcome.”
About Regency Centers Corporation
With more than 50 years of experience, Regency Centers Corporation (NYSE: REG) is the preeminent national owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers. The company’s portfolio of 318 retail properties encompasses over 42.7 million square feet located in top markets throughout the United States, including co-investment partnerships. Regency Centers Corporation (Regency) has developed 219 shopping centers since 2000, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed. To learn more about Regency, visit www.regencycenters.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.