HFF announces 16 financings totaling $663M secured by class A retail properties in NY and NJ
NEW YORK, NY — Holliday Fenoglio Fowler, L.P. (HFF) announced 16 financings totaling $663 million secured by 15 class A retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. The HFF team worked on behalf of the borrower, Urban Edge Properties, to secure the 16 separate loans with two CMBS lenders, three life company lenders and one bank. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1%-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; Home Depot; Lowe’s; Costco; BJ’s Wholesale Club and Walmart in addition to one multi-tenant warehouse property in East Hanover, NJ. The 16 properties are in dense submarkets with affluent demographics, including15 located in New Jersey and one in New York. The HFF debt placement team representing the borrower included managing director Scott Aiese and senior managing directors Jon Mikula and Mike Tepedino. “This retail financing proves that the capital markets remain highly liquid for assets in dense markets operated by best-in-class sponsorship,” Aiese said. “As lenders remain focused on diversifying their portfolios by asset type and geography, HFF experienced significant interest in the 15 retail term loan opportunities.” HFF and Holliday GP Corp. are licensed New Jersey real estate brokers. HFF announces $72.012M sale and financing of Two Liberty Center in the Ballston submarket of Washington, D.C. Arlington, VA — HFF announces the $72.012 million sale of and the financing for Two Liberty Center, a 178,700 s/f, class A office building in the Ballston submarket of Arlington. The HFF team represented the seller, an entity controlled by the Fred Schnider Investment Group, and assisted the buyer, an entity controlled by Westbrook Partners, in securing acquisition financing. The property was sold free and clear of existing debt. Two Liberty Center is situated at 4075 Wilson Blvd. within the larger 2.25 million-s/f Liberty Center mixed-use development. The HFF team included Jim Meisel, Sue Carras, Andrew Weir, Steve Conley and Matt Nicholson. The property is just two blocks from the Ballston-MU Metrorail Station and offers excellent vehicular access via I-66 and Rte. 50.