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Brokerage
Posted: February 25, 2013
HFF arranges $62.4 million refinancing for national retail portfolio
HFF has arranged a $62.4 million refinancing for a portfolio of 56 retail properties located in 17 states with ING Investment Management. The portfolio consisted of 52 retail properties that were existing collateral with ING and four new retail properties that were cross-collateralized into the portfolio.
HFF worked on behalf of the borrower, Win Properties, to secure the $58.4 million fixed-rate portion for a 15-year term, and a $4 million floating-rate portion for a five-year term. Loan proceeds are refinancing existing loans on the properties. The loan will also be serviced by HFF.
The portfolio included properties in Arizona, California, Connecticut, Florida, Illinois, Indiana, New Jersey, New Mexico, New York, Massachusetts, Michigan, Mississippi, Missouri, Oregon Tennessee, Utah and Virginia. The new collateral is located in the New York metro area and includes tenants such as Capital One, Crumbs Bake Shop, Morgan Stanley, Pottery Barn, Sports Authority and Tiffany & Co. The portfolio consists primarily of free-standing single-tenant retail properties.
The HFF team representing Win Properties was led by senior managing director Michael Tepedino with real estate analyst David Fowler.
Win Properties, Inc. was incorporated in 1986. It is a 60-plus year-old privately-owned enterprise that invests, develops, leases and manages its portfolio of properties in 35 states plus Canada. The properties are predominately retail and are either downtown Main Street, freestanding or community strip shopping centers. Additionally Win owns residential rental apartment units in New York City.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 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, advisory services, equity placement, loan sales, and commercial loan servicing
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