X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Estein & Associates USA, the American arm of the Germany-based investment group, is refinancing the 20-year-old, 640,000-sf Belz Factory Outlet World on International Drive with a $64 million loan at 7% interest.

The shopping center transaction updates the original acquisition loan arranged by Holliday Fenoglio Fowler in 1993.

Barbara Bozzacco of Holliday’s Boca Raton, FL office and Michael Kavanau of the firm’s Chicago office brokered the seven-year, fixed-rate financing through Bear Stearns Commercial Mortgage Inc., a New York-based conduit lender.

“The biggest challenges that faced this transaction were questions relative to retail value in a tourist-driven market after 9/11,” Bozzacco says in a prepared statement. “However, due to the property’s size and superior tenancy, its has continued to perform near the top of its competitive set.

The broker says the center’s “great location, combined with its sponsorship, made this deal very attractive to potential lenders.”

Anchor tenants at the 95%-leased property are Tommy Hilfiger, Reebok and Nike. Estein plans a multi-million-dollar renovation that will feature a $1 million signage project.

The property was built in phases at Oak Ridge Road and International Drive between 1981 and 1998 by Memphis, TN-based Belz Enterprises Inc., the asset’s original developer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.