HFF arranges $50.7 million financing for 6-building retail portfolio in Louisiana markets
FLORHAM PARK, NJ – July 31, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $50.7 million in acquisition financing for a six-building portfolio of newly completed, freestanding retail stores fully occupied by Walmart Neighborhood Market and totaling 257,533 square feet in various markets in southern Louisiana.
HFF worked on behalf of the borrower, The Hampshire Companies, Hana Asset Management from Seoul, South Korea, and several of their institutional and retail investors, to place the five-year, interest-only, fixed-rate loan with Protective Life Insurance Company.
The Walmart Neighborhood Market portfolio comprises two stores near Lafayette, the 43,240-square-foot 2310 South Union Street store in Opelousas and the 41,952-square-foot store at 1201 Parkview Drive store in New Iberia; three New Orleans area properties, the 42,311-square-foot store at 2500 Archbishop Philip M. Hannan Boulevard in Meraux, the 42,311-square-foot 224 West Main Street store in Thibodaux and the 44,237-square-foot store at 6411 West Park Avenue in Houma; and one property near Baton Rouge, the 43,482-square-foot store at 15047 Airline Drive in Prairieville. All the properties are in prime commercial corridors within their respective submarkets.
The HFF team was led by senior managing director Jon Mikula and managing director Michael Klein.
“In order to hit the required investment returns, the borrower needed a portfolio lender that would be able to lock the rate at application and eliminate any interest rate risk and provide a full-term interest only loan,” Klein said. “Protective Life was able to hold the rate through closing and was able to adapt to many of the twists and turns typically associated with acquiring a portfolio in various geographic locations.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.