LOS ANGELES—Months after completing a $1.2-billion consolidation of 77 of its 120 retail center holdings and its management company into a single, privately held entity, Westwood Financial has lined up first lien financing on several of those centers. An HFF team worked on behalf of Westwood to arrange a total of $171 million in debt for a portfolio of 13 multi-tenant retail centers totaling one million square feet across seven states.

HFF arranged a $94-million, fixed rate-rate portfolio loan with Nationwide Life Insurance Co. that was used for re-financing and new acquisitions, as well as a $77-million fixed-rate portfolio loan with a correspondent life insurance company to re-finance existing debt. The two loans will help further the strategic initiatives of Westwood's September 2016 rollup to achieve the best debt executions and generate capital for growth, says HFF.

“Closing two more highly flexible portfolio loans with major life insurance companies is another significant milestone for Westwood Financial,” says Kevin MacKenzie, senior managing director and co-head of HFF's West Coast region. “They continue to build an excellent relationship with these lenders, amongst others, progressing in their goal of strategic growth, building out their portfolio with high-quality assets and getting the most optimal capital structure in place.”

MacKenzie and director Jamie Kline represented Westwood on a national basis. The team also included several regional members: senior managing director Jeremy Womack in Phoenix; managing director Gregg Shapiro in Atlanta; senior directors Jason Bond in Chicago, Jim Curtin in Dallas and Nat Scarmazzi in Miami; and directors Cory Fowler in Charlotte and Matthew Putterman in Houston.

The $94 million loan portfolio comprises seven multi-tenant retail shopping centers, including five grocery-anchored centers and two shadow grocery-anchored centers. They include the 77,043 square-foot Camelback Village anchored by AJ's Fine Foods in Phoenix; the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove, IL; the 97,229-square-foot Atascocita Center anchored by Kroger in Humble, TX; the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita, TX; the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, NC; the 55,323-square-foot, Trader Joe's-anchored Arbors at Mallard Creek in Charlotte, NC; and the 47,518-square-foot Village at Preston Hollow shadow anchored by Central Market in Dallas.

The $77-million loan portfolio includes four grocery-anchored centers: the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market in Scottsdale, AZ; the 85,516-square-foot Shops at San Marco anchored by Sprouts in Delray Beach, FL; the 92,120-square-foot Evans Crossing anchored by Kroger in Evans, GA; and the 101,610-square-foot Haynes Bridge Village anchored by Publix in Alpharetta, GA. Additionally, two California centers have Ralph's grocery shadow anchors: the 68,055-square-foot Mercado del Lago in Rancho Santa Margarita, and the 30,300-square-foot Magnolia Vineland in North Hollywood.

Instant Insights /

HFF Lines Up First Lien Loans for Westwood Retail Centers

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