HFF arranges $171M financing for 13-property multi-state portfolio

Holliday Fenoglio Fowler, L.P. (HFF) announced today that, on behalf of Westwood Financial, it has arranged $171 million in first lien financing for a portfolio comprising 13 multi-tenant retail centers totaling 1,050,350 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial, to place two separate portfolio loans, a $94 million fixed rate-rate portfolio loan with Nationwide Life Insurance Company used for re-financing and new acquisitions and a $77 million fixed-rate portfolio loan with a correspondent life insurance company to re-finance existing debt.  In September 2016, Westwood Financial completed a $1.2 billion consolidation and reorganization, and these portfolio loans help further the strategic initiatives of the roll up to achieve the best debt executions and generate capital for growth.

The $94 million loan portfolio comprises seven multi-tenant retail shopping centers, including five- grocery-anchored centers and two shadow grocery-anchored centers.  The properties are:  the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove (Chicago), Illinois; the 97,229-square-foot Atascocita Center anchored by Kroger in Humble (Houston), Texas; the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita (Houston), Texas; the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, North Carolina; the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, North Carolina; and the 47,518-square-foot Village at Preston Hollow shadow anchored by Central Market in Dallas, Texas.

The $77 million loan portfolio comprises six assets, including four grocery-anchored centers: the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 85,516-square-foot Shops at San Marco anchored by Sprouts in Del Ray Beach, Florida; the 92,120-square-foot Evans Crossing anchored by Kroger in Evans (Augusta), Georgia; and the 101,610-square-foot Haynes Bridge Village anchored by Publix in Alpharetta (Atlanta), Georgia.  Additionally, two California centers have Ralph’s grocery shadow anchors, the 68,055-square-foot Mercado del Lago in Rancho Santa Margarita (Orange County) and the 30,300-square-foot Magnolia Vineland in North Hollywood.

The HFF debt placement team representing the borrower consisted of senior managing director Kevin MacKenzie and director Jamie Kline on a national basis along with senior managing director Jeremy Womack (Phoenix); managing director Gregg Shapiro (Atlanta); senior directors Jason Bond (Chicago), Jim Curtin (Dallas) and Nat Scarmazzi (Miami); and directors Cory Fowler (Charlotte) and Matthew Putterman (Houston).

“Closing two more highly flexible portfolio loans with major life insurance companies is another significant milestone for Westwood Financial,” said Kevin MacKenzie, senior managing director and co-head of the West Coast Region.  “They continue to build an excellent relationship with these lenders, amongst others, progressing in their goal of strategic growth, building out their portfolio with high-quality assets and getting the most optimal capital structure in place.”

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