HFF arranges refinancing for The Summit in Birmingham, Alabama
DALLAS, TX – January 11, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged refinancing for The Summit, a 1.03 million-square-foot, trophy retail center with Class A office space in Birmingham, Alabama.
HFF worked on behalf of the borrower, a partnership between Bayer Properties LLC and Institutional Mall Investors LLC, a co-investment venture co-owned by Miller Capital Advisory, Inc. and CalPERS, to place the 10-year, fixed-rate loan with Bank of America. Loan proceeds are being used to refinance an existing loan.
Developed in phases between 1997 and 2009, The Summit is one of the Southeast’s premier locations to shop, dine, work and play. Anchored by the only Saks Fifth Avenue (tenant owned) in Alabama and a flagship Belk, the 99-percent-leased center is also home to Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Apple, Anthropologie, Gus Mayer, Lululemon Athletica, Trader Joe’s, Sur La Table, Kate Spade, West Elm and Michael Kors. Restaurant tenants include Cheesecake Factory, P.F. Chang’s, Seasons 52, Macaroni Grill and California Pizza Kitchen. Situated on 102 acres at 125 Summit Boulevard, The Summit is bordered by U.S. 280, Interstate 459 and Cahaba Heights Road. The center is at the epicenter of four of the most affluent Birmingham suburbs: Mountain Brook, Homewood, Vestavia and Hoover. More than 40,000 residents earning an average annual household income of more than $106,100 live within a three-mile radius of the property. Additionally, the daytime population within seven miles of the property is approximately 335,330.
The HFF debt placement team was led by director Jim Curtin.
About Bayer Properties LLC
Birmingham, Alabama-based Bayer Properties LLC specializes in developing, leasing, managing and marketing mixed-use real estate properties nationwide. Bayer Properties currently owns and/or operates mixed-use retail, office, and residential properties totaling approximately 10 million square feet, including The Summit in Birmingham, Alabama; Mount Pleasant Towne Centre in Mount Pleasant, South Carolina; Metropolitan in Charlotte, North Carolina; and The Summit in Reno, Nevada. New developments include The Pizitz Building urban revitalization project in Birmingham, Alabama, and The Summit at Fritz Farm, a mixed-use project in Lexington, Kentucky. For more information, visit bayerproperties.com.
About Institutional Mall Investors
Institutional Mall Investors (IMI) is a co-investment venture owned by an affiliate of MCA and CalPERS, the nation’s largest public pension fund. MCA serves as investment manager for IMI. IMI is a core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties. The IMI portfolio features some of the most dominant regional and super regional shopping centers in the United States. As of October 2016, the portfolio included 20.1 million square feet of retail GLA and over 1.1 million square feet of prime office space. IMI also seeks to invest in productive lifestyle, mixed use and development opportunities as circumstances warrant. Learn more at miller-capital.com/institutional-mall-investors.
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.