DALLAS--HFF has arranged a $247.5-million mega-refinancing deal for a retail portfolio totaling 20 properties and 2.1 million square feet in Dallas, Houston and San Antonio.

HFF worked on behalf of the borrower, Global Fund Investments LLC (GFI), to place the long term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to refinance existing debt and recapitalize the properties.

"The assets offer geographic diversity across three strong Texas markets, as well as diversity in tenancy, with grocery anchored centers and strong shadow-anchored centers," HFF managing director Michael Gigliotti told GlobeSt.com. "The portfolio has all of the attributes necessary to attract institutional capital."

The 95-percent-leased portfolio consists of 20 properties with approximately 414 tenants, including H.E.B, Kroger, Kohl's, LA Fitness, Petco, Golfsmith, 24-Hour Fitness, Starbucks and T.J. Maxx. Twelve of the retail centers are in Houston or Houston-area suburbs, including Katy, Missouri City, Spring and Sugar Land. The Dallas-Fort Worth area houses seven of the portfolio properties in Arlington (two centers), DeSoto, Hurst, Plano, Richardson and Southlake. One of the retail centers is located in San Antonio.

Gigliotti, senior managing director Mike Tepedino and director Cameron Cureton led HFF's debt placement team.

"TIAA-CREF provided a comprehensive financing solution to facilitate the recapitalization of a complicated 20-property portfolio," Gigliotti says.  "GFI brings an impressive depth of experience and high level of institutional quality to the table, which attracted the lender to the transaction."