PENSACOLA, FL—Florida’s smaller markets are seeing some early refi action in 2012. Cordova Commons and Tradewinds Shopping Center, two retail centers spanning 354,245 square feet, secured $29 million in financing.

HFF senior managing director Paul Stasaitis and director Chris Drew worked on behalf of the borrowers, VIF II Cordova Associates LLC and VIF II Tradewinds Associates LLC to secure the five-year, floating-rate loan through US Bank NA. The borrowers are both joint ventures of GMH Capital Partners and AEW Capital Management L.P.  

“We went to the market to all sorts of groups, from banks CMBS, life companies, and so forth,” Stasaitis tells GlobeSt.com. “Our best terms came from the banking world and that offered us some flexibility and that’s what we were trying to achieve. The new loan takes down the existing debt and provides capital for TI and ongoing reserves.”

Renovated in 2008, Cordova Commons is a 175,691-square-foot community shopping center anchored by Stein Mart and Petco. The property sits on 12 acres at the corner of Airport Boulevard and North Ninth Avenue adjacent to the Pensacola Regional Airport and across from the Cordova Mall.

Tradewinds Shopping Center is a 178,554-square-foot community shopping center. Renovated in 2007, the property is 91% occupied and is anchored by TJ Maxx, JoAnn Fabrics, Shoe Station and Dollar General. Tradewinds Shopping Center is located at the southwest corner of North Davis Highway and East Burgess Road close to the Interstate 10/110 interchange.

“We were pleased by the lending market’s response from the variety of options that we had available as a result of this marketing effort for two grocery-anchored centers in a smaller Florida market,” Stasaitis says. “What drove that is the fact that both centers have very good operating histories and very good locations. And, of course, the sponsorship drove that, the joint venture between AEW and GEH.”