$210 Million Financing for 10-Property Multi-State Retail Portfolio Arranged by HFF
September 22 2016 - 4:17PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged a total of $210 million in first lien financing for
Westwood Financial Corp comprising 10 multi-tenant retail centers
totaling 973,985 square feet in Arizona, California, Kansas, North
Carolina and Texas markets.
HFF worked on behalf of the borrower, Westwood Financial Corp.,
in advising them on new loans and transferring of loans as part of
their $1.2 billion consolidation and reorganization. As part of the
process, HFF placed several new loans, including a 10-year, $110
million, fixed-rate portfolio loan with a correspondent life
company and a $100 million senior credit facility with Wells Fargo
Bank's Real Estate Capital Markets Group. HFF will service the $110
million loan, proceeds of which will be used to re-finance existing
loans and will assist in the corporate restructure setting Westwood
for future growth.
“Kevin MacKenzie and the HFF team are the best in the business,”
said Joe Dykstra, co-CEO of Westwood Financial. “HFF has
represented us on more than 40 loans for our affiliates over the
last four years, and the sourcing and execution has always been
leading edge. Most recently in conjunction with our $1.2 billion
consolidation and reorganization transaction, HFF arranged for a
$100 million senior credit facility with Wells Fargo and a $110
million senior loan with a life company. The loans had to fund the
same day as our closing consolidation. Kevin and his team’s
execution was flawless.”
“There were quite a few objectives we set out to achieve in this
financing request, and the lenders were both able to deliver in
order to meet Westwood’s needs with the most efficient terms
available,” said senior managing director Kevin MacKenzie. “The
life company provided a low-cost, long-term, fixed-rate option
using a forward rate lock, and Wells Fargo provided the flexibility
needed to bridge assets into a strategic credit facility including
a go forward solution on additional assets. It was a great
introduction for Westwood to a new lending relationship with the
life company and a new credit facility with Wells Fargo. Both the
borrower and lenders did an excellent job working through a
complicated closing process, including multiple assets, a
newly-formed sponsorship entity and creative solutions for the
extended time-line to close.”
The $110 million loan consisted of six assets including the
79,575-square-foot Village Plaza in Phoenix, Arizona; the
65,054-square-foot Plaza Del Rio in San Juan Capistrano (Orange
County), California; and the 103,124-square-foot Stateline Village
in Prairie Village (Kanas City), Kansas. Additionally, the
portfolio contains two Dallas-area centers, the 46,789-square-foot
Hebron Parkway Plaza in Carrollton and the 226,414-square-foot Old
Town Shopping Center in Dallas, and the 79,226-square-foot
Steelecroft Shopping Center in Charlotte, North Carolina.
Ninety-one percent leased overall, key tenants of the portfolio
include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart,
LA Fitness and Michaels.
The seed assets in the Wells Fargo facility included three
grocery-anchored centers and one power center with a shadow
grocery. The properties are: the 77,031-square-foot Camelback
Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the
89,506-square-foot Mercado Del Rancho anchored by Sprouts Farmers
Market in Scottsdale, Arizona; the 30,300-square-foot Magnolia
Vineland Shopping Center shadow anchored by Ralph’s in North
Hollywood, California; and Legacy Village shadow anchored by Target
in Phoenix, Arizona. Ninety-five percent leased overall, other key
tenants of the portfolio includes Ross Dress for Less, Beall’s,
FedEx Office, Orange Theory, Steak 44, Famous Footwear, AutoZone,
Orange Theory Fitness and Chipotle.
The HFF debt placement team representing the borrower consisted
of MacKenzie, director Jim Curtin, associate director Cory Fowler,
associate Jamie Kline and real estate analyst Lauren LaFever.
About Westwood Financial
Corp.
For over 40 years, investors have turned to Westwood Financial
Corp. for proven returns on strategic real estate investments.
Under the direction of founders Howard S. Banchik and Steven J.
Fogel, the company has successfully acquired and sold hundreds of
income-producing properties, generating substantial profits for its
partners. In the process, Westwood Financial Corp. has earned a
reputation and longevity that is unparalleled in the shopping
center world.
Westwood Financial Corp. continues this tradition today with a
staff of over 71 retail experts directing a portfolio of over 120
shopping centers in 26 metropolitan markets. Westwood Financial
Corp. is fully integrated in asset management, property management,
leasing and acquisition efforts from its Los Angeles headquarters
and regional offices in Dallas, Atlanta and Scottsdale,
Arizona.
About HFF
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160922006278/en/
HFFKEVIN MACKENZIE, 949-253-8800HFF Senior
Managing Directorkmackenzie@hfflp.comorKRISTEN MURPHY,
617-338-0990HFF Director, Marketingkrmurphy@hfflp.com
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