PENSACOLA, FL—RCG Ventures is proving there's an appetite in the capital markets for North Florida retail. The firm just closed on an $11.425 million refi on Village Oaks, a 165,851-square-foot neighborhood shopping center in Pensacola, FL.

HFF placed the 10-year, fixed-rate senior loan with Prudential Mortgage Capital Company for RCG. Greg Krafcik, a director with Prudential, led the transaction.

"The CMBS market continues to be extremely competitive and sophisticated borrowers are negotiating market leading terms and locking in highly attractive long-term assumable financing that will be an asset going forward,” HFF director Chris Drew tells GlobeSt.com. Drew worked with HFF real estate analysts Whitaker Leonhardt and Cecily Nazario on the loan placement.

Village Oaks is located on a 14.7-acre site at 6241-6251 North Davis Highway one mile south of the Interstate 10 interchange in Pensacola. The retail property was most recently renovated in 2013, and is 95.4% leased to a number of national and regional tenants including Bealls, PetSmart, Planet Fitness, Party City, Cato, and Plato's Closet.  

HFF's debt placement team has secured more than $533 million in loans for retail assets nationally during the first quarter of 2014. In Florida, HFF has closed more than $134 million in retail transactions across all capital markets platforms during the same period.