RYE BROOK, NY-HFF reports that it has arranged the $72.5-million refinance of the iconic 232,000-square-foot Rye Ridge Shopping Center, Plaza and South, here.
HFF says it worked on behalf of the shopping center owner Win Properties to secure the fixed-rate financing that will refinance existing debt on the three-property multi-tenant neighborhood center. The term of the loan with the undisclosed lender is for 15 years. HFF will service the loan.
The Rye Ridge property consists of two retail buildings and one retail/professional office building. Some of the property's 78 tenants include D'Agostino's, CVS, Chase Bank, Ace Hardware, Starbucks, Chipotle, Chop't, Quest Diagnostics and SoulCycle.
The HFF team representing Win Properties was led by senior managing director Michael Tepedino with real estate analyst David Fowler.
“The transaction exemplified superior execution on behalf of Win Properties and ING Investment Management and is reflective of the professionalism and expertise of both the borrower and the lender. Both parties worked well together to solve complex issues throughout the process and it was a pleasure for HFF to help secure this financing on one of the great retail assets in the U.S.,” Tepedino states.
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