$86 million refinancing for Eden Prairie Center near Minneapolis, Minnesota, arranged by HFF
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an $86 million refinancing for Eden Prairie Center, a 1.14 million-square-foot super-regional mall in the Minneapolis suburb of Eden Prairie, Minnesota.
HFF worked on behalf of the borrower, Cypress Equities, to secure the five-year, floating-rate loan with MetLife. Loan proceeds will be used to pay off the existing debt and for capital investment at the property.
With more than 12 million visitors annually, Eden Prairie Center is the third largest enclosed mall in the Minneapolis metropolitan area, which includes six super-regional centers. The 98-percent-leased mall is home to anchor tenants JCPenney, Von Maur and AMC18 Theatre in addition to Target, Kohl’s and Sears, which are unowned, and multiple inline tenants, including Barnes & Noble, The Children’s Place, Gymboree, Biaggis Ristorante Italiano, Sunglass Hut, Jos. A. Bank Clothiers, J. Jill, Yankee Candle, Eddie Bauer, Talbots, Panera Bread and Caribou Coffee. It features a three-story stone fireplace, center court and children’s play area. The mall is situated on 52.84 acres at 8251 Flying Cloud Drive in Eden Prairie, which was named in 2014 one of Money Magazine’s Best Places to Live (population 50,000 to 300,000). Eden Prairie Center is located just off Interstate 494, which loops around both Minneapolis and St. Paul, and is the only mall south of I-494 and west of U.S. Highway 169.
This loan is the first investment for MetLife’s new debt fund – MetLife Commercial Mortgage Income Fund. HFF Securities served as placement agent for the fund.
The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and managing director Timothy Joyce.
About Cypress Equities
Cypress Equities (Cypress) was founded in 1995 by Chris Maguire and has since established a
national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Historically, Cypress has developed and acquired more than 18 million square feet and currently is developing and managing a portfolio of more than 9.4 million square feet of retail, office, residential and automotive real estate. Today, there are six Cypress Equities offices throughout the U.S., including Dallas (headquarters), Chicago, New York, San Francisco, Atlanta and Fort Lauderdale. Visit www.cypressequities.com for more information.
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.