HFF announces $14.23M financing for development of mixed-use property in South Florida
MIAMI, FL – January 24, 2018 – Fenoglio Fowler, L.P. (HFF) announces the $14.23 million senior financing for Sheridan Village, a 63,654-square-foot mixed-use retail center and self storage facility in the South Florida community of Pembroke Pines.
The HFF team worked on behalf of construction firm, ANF Group, Inc., and its affiliated company, Sheridan Real Estate Group, LLC, the borrower in this transaction, to place the seven-year, fixed-rate loan with Mercantil Bank, N.A. Loan proceeds will be used to retire the existing construction loan.
Phase One of Sheridan Village was completed in December 2016 and comprises 15,098 square feet of retail fronting Sheridan Street. Phase Two, which was recently completed in December 2017, will consist of an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self storage space situated on two floors above ground-floor retail. Both phases are fully leased or pre-leased and includes Dunkin Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy, an Italian restaurant and several neighborhood service retailers. Located at 16602-16660 Sheridan Street, Sheridan Village is on a major east-west thoroughfare in the Interstate 75 corridor that averages approximately 21,000 vehicles per day. The area surrounding the center houses master-planned communities, multi-housing projects, a high school and Broward College. More than 96,400 residents earning an average annual household income of $109,256 live within a three-mile radius of Sheridan Village.
The HFF debt placement team included senior director Scott Wadler and associate Jesse Wright. Mercantil Bank, N.A., was represented by bank vice president Cristina Zampieri. Carlos J. Reyes of the Reyes Law Group and general counsel for ANF Group, Inc. and Sheridan Real Estate Group, LLC closed the transaction.
“The combination of a first-class sponsor and a well-positioned asset paved the way for a successful financing,” Wadler said. “The continued growth of the multi-housing market in Pembroke Pines will drive demand for unanchored strip retail and self storage.”
“Once HFF opened the door and essential terms of the loan commitment were agreed to, everyone had to jump on the multiplicity of tasks necessary to close the transaction, including due diligence, document drafting, title work – all the moving pieces related to a transaction of this size and scope,” Reyes added. “What was clearly helpful was the experience of all the players – Sheridan; HFF; Holland & Knight, the lender’s counsel; and Reyes Law Group – that helped navigate the compressed timeline during what is usually the most challenging time of the year. Working together made it a priority, and it was closed before the end of the year.”
About ANF Group, Inc.
ANF Group, Inc. is one of South Florida’s most respected construction firms. A company with over thirty years of experience, ANF Group provides its clients the highest level of professionalism and quality. Under the direction of Alberto Fernandez, Nelson Fernandez and Alberto Gil, ANF Group has successfully established itself as the company to turn to for quality preconstruction, construction management, general contracting and design-build services. Visit anfgroup.com for more information.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.