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HFF closes $92 million sale of enclosed mall in Long Island, New York


FLORHAM PARK, NJ – May 23, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $92 million sale of The Mall at the Source, a 723,326-square-foot, enclosed mall, and a loan secured by the adjoining Fortunoff Building, a vacant anchor store formerly occupied by Fortunoff, located in the Long Island community of Westbury, New York.

HFF marketed the property on behalf of the co-sellers, LNR Partners, LLC as manager for CMAT 99-C1 Old Country Road, LLC, a subsidiary of Starwood Property Trust, Inc., and a REMIC trust for which C-III Asset Management LLC is the special servicer.  A private foreign buyer purchased The Mall at the Source free and clear of existing debt and effectuated a deed in lieu of foreclosure transaction simultaneously with the closing of the Fortunoff loan to acquire the title to the Fortunoff Building.

The 512,528-square-foot Mall at the Source and the 210,798-square-foot Fortunoff Building includes a four-story parking garage with 2,813 spaces in addition to the 1,025 surface parking spaces.  Situated on a total of 38 acres at 1504 Old Country Road, the transit-oriented property is positioned within the “Nassau Hub,” Long Island’s premier commercial submarket.  The Mall at the Source and the Fortunoff Building’s location places it in the heart of Westbury and approximately 28 miles from New York City.  The property sits in one of the wealthiest counties in the country, Nassau County, and has approximately 143,470 residents earning an average annual household income of more than $124,258 living within a three-mile radius.

The HFF investment sales team representing the co-sellers was led by senior managing director Jose Cruz, managing directors Kevin O’Hearn and Chris Phaneuf, directors Michael Oliver and Stephen Simonelli and supported by senior managing director Andrew Scandalios.

“We were very pleased with the response from REITs, developers, large institutional retail owners and local developers,” Cruz said.  “In the end, a foreign capital source was most aggressive on pricing and terms.  The location and demographics were a major driver for this transaction.”

About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States.  The company's core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments.  Through its subsidiary LNR Partners, LLC, the company also operates as the largest commercial mortgage special servicer in the United States.

About C-III Asset Management LLC
C-III Asset Management LLC’s parent, C-III Capital Partners LLC, is a leading real estate investment management and commercial property services company engaged in a broad range of activities.  As one of the largest special servicers of commercial mortgage backed securities in the U.S., C-III Asset Management LLC utilizes its real estate expertise to resolve defaulted CMBS loans for over 130 CMBS trusts comprising $79 billion of commercial real estate loans. C-III manages approximately $4 billion in funds and structured product vehicles that focus on commercial real estate equity and debt investments, including nine real estate debt funds, four real estate equity funds, one hybrid debt and equity fund and a private REIT, along with CRE-CDOs and ReREMICs.  In addition, since its founding in 2010, C-III Capital Partners, through its various subsidiaries and affiliated entities has originated $5.2 billion in mortgages and manages funds that have acquired approximately $10 billion face amount of CMBS bonds.  Through U.S. Residential, its wholly-owned subsidiary, C-III manages over 40,000 multifamily units nationwide.  With the NAI Global brand also owned by C-III, the company’s member firms have more than 375 offices worldwide, with over 6,700 professionals, managing over 380 million square feet of property.  C-III’s online marketplace, Real Capital Markets, has closed $1.7 trillion in real estate asset and loan sales since inception in 1999.  C-III is headquartered in Irving, Texas, and has additional offices in New York, New York, Greenville, South Carolina, and Nashville, Tennessee.  Learn more at

About HFF
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 or follow HFF on Twitter @HFF.



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