CMBS refinancing for Houston power center secured by HFF
CHARLOTTE, NC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a senior loan for the refinance of Northline Commons, a 472,443-square-foot power center in northern Houston, Texas.
HFF worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate loan with Wells Fargo Bank.
Constructed between 2007 and 2009, the 91-percent-leased Northline Commons consists of one main building, five smaller buildings and four outparcel pads situated on 47.66 acres. The center is home to major tenants, Burlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s, Marshalls and national and regional shop tenants, including GNC, Foot Locker, Image Shots, Baskin Robbins, The Children’s Place and Nails Club. Additionally, the center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A. Located at 4400 North Freeway (Interstate 45) in northern Houston, Northline Commons is on one of the most travelled Houston thoroughfares with approximately 300,000 vehicles per day. The center is also on Houston’s North Line Light Rail, which is an extension of the Red Line that connects downtown Houston and the Medical Center area.
The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate directors Cory Fowler and Tyler Ford.
About North American Development Group
North American Development Group (NADG) has 12 offices across North America, consisting of seven in the United States and five in Canada, and a team of more than 150 seasoned real estate professionals. In the United States, NADG's head office is in West Palm Beach, Florida, with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the company's head office is in Toronto, with regional offices in Edmonton, Montreal, Ottawa and Halifax. Since 2010, NADG has acquired 31 retail properties comprising more than four million square feet of existing or to be developed space. For more information please visit nadg.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.