HFF arranges $35 million refinancing for ShopRite-anchored shopping center near Wilmington, Delaware
PHILADELPHIA, PA – December 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $35 million refinancing for Governor’s Square Shopping Center, a 294,213-square-foot, fully-leased, retail property anchored by ShopRite in the Wilmington suburb of Bear, Delaware.
HFF worked on behalf of the borrower, Delle Donne & Associates, Inc., to secure a new, permanent, fixed-rate loan with an institutional lender. Loan proceeds will be used to retire existing indebtedness.
Governor’s Square Shopping Center is a two-building center with three pad sites leased to Wells Fargo, Taco Bell and McDonald’s. In addition to grocery anchor ShopRite, the retail center is also home to Kmart, American Signature Furniture, Rite Aid, Sneaker Villa, H&R Block, Karate for Kids, Radio Shack, Bear Chiropractic, Subway, GameStop and more. Located at 401 Governor’s Place, Governor’s Square Shopping Center is near the convergence of Route 40, U.S. Route 1 and Highway 7 in Bear, a northwest suburb of Wilmington. More than 44,000 vehicles pass by the property daily, and approximately 81,000 people live within a three-mile radius of the center.
The HFF debt placement team representing the borrower was led by managing director Ryan Ade.
“The quality of the location and the strength of sponsorship led us to a successful loan placement in a time of volatility with respect to interest rates,” Ade said.
About Delle Donne & Associates, Inc.
Founded over 70 years ago by Eugene A. Delle Donne, Delle Donne & Associates, Inc. (DDA) is a commercial property development and management corporation serving Delaware’s downtown Wilmington and surrounding New Castle County area. Second-generation president and chief executive officer, Ernest F. Delle Donne, has assembled a creative team that takes pride in the quality of its product and services and brings a collaborative approach to every project they encounter. For more information, visit dda1.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.