MIAMI—HFF is on a refi roll. And it's working with some of the commercial real estate industry's biggest players.
HFF arranged a $114 million in non-recourse financing for Promenade. Cousins Properties owns the 775,089-square-foot, class A office tower in Atlanta's Midtown submarket.
HFF set up a nine-year fixed-rate mortgage loan, which is non-recourse to Cousins, through Northwestern Mutual. The property was previously unencumbered with debt. HFF senior managing director Mark Sixour and associate director Bill Ireland led the deal.
Promenade is located on Peachtree Street, in the epicenter of Midtown, and adjacent to The Four Seasons, Colony Square, and the High Museum. Cousins recently renovated the office building, which was originally constructed in 1990 as a build-to-suit for AT&T. The asset, which also includes a 2,054-space parking garage, is 87% leased with minimal near term rollover.
HFF also arranged a $46 million financing for The Plaza at Delray, a 328,989-square-foot, grocery-anchored shopping center in Delray Beach, FL. The borrowers were Heitman and Ramco-Gershenson Properties Trust.
HFF placed the 10-year, 4.43%, fixed-rate loan with one of its correspondent lenders, Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America. HFF senior managing director Eric Tupler, director Chris Drew, and real estate analysts Kristian Lichtenfels and Leon McBroom worked the deal.
The Plaza at Delray sits on 35.39 acres at the intersection of Linton Boulevard and South Federal Highway (US-1) north of Boca Raton. Renovated in 2002, the center is 97.9% leased and is anchored by Publix. Other major tenants include Marshalls, Ross Dress for Less, T.J. Maxx, CVS, Michaels, Anna's Linens, and ULTA Salon.
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