HFF announces $42M refinancing for mixed-use development in downtown Napa
SAN FRANCISCO, CA – June 19, 2018 – HFF announces the $42 million refinancing of First Street Napa, a 142,026-square-foot, mixed-use retail and creative office property spanning three blocks in downtown Napa, California.
The HFF team worked on behalf of the borrower, Zapolski Real Estate, LLC and Trademark Property Company to secure the floating-rate loan through ACORE Capital, LP. Loan proceeds will be used to pay off the development construction loan and provide an unfunded facility to complete the lease up of the remaining tenant suites.
The property is part of a newly constructed 325,000-square-foot, Class A, mixed-use development that comprises 45 high-end retail shops, new state-of-the-art creative office space and a 183-room, boutique Archer Hotel, which was not a part of the financing. Centrally located in Downtown Napa, the property is within walking distance of hotels, restaurants, wine tasting rooms and entertainment venues and it covers three city blocks along First Street, the major vehicular artery into Downtown Napa, the gateway to Napa Valley. First Street Napa offers a blend of regional, national and international retail that the market demands, elevating Napa from first-class to world-class.
The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski and associate Bercut Smith.
“Though lenders continue to underwrite retail opportunities very selectively, the interest to provide the takeout financing was tremendous and it is a testament to the development team’s vision,” Smyslowski said.
“We are thrilled to be lending to two high quality sponsors on an innovative retail project that will further transform the area,” said Kyle Jeffers, managing director at ACORE.
Holliday GP Corp. ("HFF"), California Bureau of Real Estate License #01385740.
About Zapolski Real Estate, LLC
Zapolski Real Estate, LLC (ZRE) is a privately-owned, fully integrated real estate investment, development and management firm with a geographic emphasis on the East Coast (office in Durham, NC) and Northern California (office in Napa, CA) with 14 assets currently in its portfolio. With a focus on the acquisition, development and redevelopment of retail, office and mixed-use properties, ZRE has over $350mm of assets under management and currently operates over 1 million square feet located in four states primarily for its own account. For more information, please visit zapolskire.com
About Trademark Property Company
Trademark Property Company is an operator, investor and developer of award-winning, mixed-use town centers, specialty, community, power centers and enclosed regional malls. In its over 25 years of business, Fort Worth, Texas-based Trademark has invested in or developed 14 million square feet of retail and mixed-use assets worth $3.1 billion. Trademark’s experienced team of 120 employees is responsible for approximately 6.5 million square feet of retail and mixed-use projects currently in operation or development/redevelopment, including: 5000 South Hulen (Fort Worth, Texas), Alliance Town Center (Fort Worth, Texas), Burr Ridge Village Center (Chicago, Illinois.), Galleria Dallas (Dallas, Texas), Glades Plaza (Boca Raton, Florida), Hillside Village (Cedar Hill, Texas), La Palmera (Corpus Christi, Texas), Market Street Flowood (Flowood, Mississippi), Market Street – The Woodlands (The Woodlands, Texas), First Street Napa (Napa, Califfornia), Perkins Rowe (Baton Rouge, Louisiana), Rice Village (Houston, Texas), Saddle Creek (Germantown, Tennessee), Victory Park (Dallas, Texas), Watters Creek (Allen, Texas), Waterside (Fort Worth, Texas) and WestBend (Fort Worth, Texas). For more information, visit trademarkproperty.com or interact on Facebook, Twitter and Instagram.
About ACORE Capital, LP
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. ACORE is led by commercial real estate finance veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For more information, please visit acorecapital.com.
HFF and its affiliates operate out of 26 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.