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HFF announces $83.532M construction financing for development of Bay Area retail center

02/05/2018

SAN FRANCISCO, CA – February 5, 2018 – HFF announces $83.532 million in financing for Emeryville Public Market, which is part of a one million-square-foot mixed-use development in the San Francisco Bay Area community of Emeryville, California.

The HFF team worked on behalf of the borrower, a partnership between City Center Realty Partners, LLC and Angelo, Gordon & Co., to secure the five-year, floating-rate loan through ACORE Capital for the existing 141,420-square-foot retail center.  Loan proceeds will be used to retire an existing Bank of America loan, complete the construction of 26,350 square feet of additional retail along with a 300-stall parking structure and expand an existing on-site family-oriented public park.

Emeryville Public Market will ultimately consist of 167,770 square feet of retail that is anchored by Guitar Center, Urban Outfitters and a gourmet food hall in addition to various national and regional tenants.  Originally developed in 1920, the property underwent renovations and expansions in 1988 and 2017.  Situated on 14 acres at 5959 Shellmound Street, Emeryville Public Market is adjacent to the MacArthur Interchange, the largest freeway interchange in the world, which acts as the primary hub for east-west as well as north-south traffic in the Bay Area.  The property’s location in Emeryville places it within the East Bay retail hub and, with a population of more than 815,000 and average annual household income of more than $100,000, within one of the most affluent trade areas in the country.

The HFF debt placement team representing the borrower included senior managing director Peter Smyslowski.

“City Center Realty Partners and Angelo Gordon & Co. have created a contemporary, meticulously curated retail center while maintaining a quaint ‘village center’ feel,” Smyslowski said.  “It is destined to be the preeminent gathering, dining and retail destination in the East Bay.”

“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”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About City Center Realty Partners, LLC
City Center Realty Partners, LLC (CCRP), is a San Francisco-based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate.  Nationwide, CCRP has developed and acquired more than $800 million of retail, office and mixed-use properties, representing over 3 million square feet.  Learn more at ccrpllc.com.

About Angelo, Gordon & Co.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing.  The firm was founded in 1988 and currently manages approximately $28 billion.  Angelo, Gordon & Co. seeks to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities.  The firm creatively seeks out new opportunities that allow it to remain a leader in alternative investments.  For more information, visit angelogordon.com.

About ACORE Capital
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.

About HFF
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.

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