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Long-term refinancing secured by HFFfor coastal South Carolina grocery-anchored lifestyle retail center

01/05/2016

WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a long-term refinancing for Freshfields Village, a 179,409-square-foot, upscale, grocery-anchored lifestyle retail center that serves as the downtown for the Charleston-area barrier island of Kiawah Island, South Carolina. 

HFF worked on behalf of the borrower, Northwood Investors, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance.  HFF will service the loan, which will be used to refinance the acquisition loan arranged by HFF in 2013 and provide additional capital for re-tenanting and expansion costs. 

Completed in 2005, Freshfields Village is a mix of shopping, dining, galleries, businesses and services in an outdoor town center atmosphere.  Anchored by the 35,000-square-foot The Village Market by Harris Teeter, the 93-percent-leased center is home to 55 tenants, including Bank of America, Tommy Bahama, Lilly Pulitzer, King Street Grille, J.McLaughlin, Las Olas, Roberta Roller Rabbit, Wyndham Vacation Rentals, Vincent’s Drug Store and Soda Fountain, Wells Fargo, BB&T, Palmetto Island and The Station Deli.  Situated on 17.2 acres at 165 Village Green Lane, Freshfields Village is located at the crossroads of Kiawah, Seabrook and Johns Island at the end of Betsy Kerrison Parkway.  The center is on the sole access road to both Kiawah and Seabrook Islands and is the only shopping center serving both islands; the closest grocery-anchored center is 11 miles away.

The HFF debt placement team representing the borrower was led by managing director Mark Remington.

“This was a win-win for borrower and lender by allowing Northwood to recapitalize and take advantage of the current low rate environment and Guggenheim to invest in a high quality asset with a repeat client,” Remington said.

About Northwood Investors
Northwood Investors is a leading privately-held global real estate investment and management firm with over 150 employees worldwide and total gross assets of approximately $8 billion.  Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook and a focus on key global cities, including New York City, Los Angeles, San Francisco, London and Paris.  Northwood currently owns and manages a diverse portfolio of real estate assets worldwide including hospitality, office, retail, residential and industrial properties. For further information on Northwood, visit www.northwoodinvestors.com.

About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 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.

01/05/2016 - 17:00

Source

HFF

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