YAKIMA, WA-HFF has arranged a $42 million financing for Valley Mall and Valley Mall Plaza, a top-performing regional mall and adjacent retail power center totaling 679,845 square feet in Yakima.
Working on behalf of CenterCal Properties, HFF placed the seven-year, full-term interest-only loan with a national bank at a floating-rate of LIBOR plus 170 basis points. Proceeds were used to refinance maturing debt on the property.
Valley Mall and Valley Mall Plaza are located in the Yakima submarket of south central Washington State. Renovated in 2001, the properties are collectively 94% leased to tenants such as Macy's, Sears, Kohl's, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond, Michael's, Ulta and Old Navy.
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Paul Brindley, managing director Tom Wilson and real estate analysts Kristian Lichtenfels and Erica Christensen.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
