Tuesday, September 21, 2010

HFF secures $8.4 million refinancing for Central Vermont grocery-anchored retail center

FLORHAM PARK, NJ The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $8.4 million refinancing for Price Chopper Plaza (top left photo) , a 149,560-square-foot, grocery-anchored retail center in Berlin, Vermont.
Working exclusively on behalf of Redstone Investments, HFF senior managing director Thomas Didio (middle right photo) and associate director Michael Lachs placed the 10-year, fixed-rate loan with The Ohio National Life Insurance Company.  Loan proceeds will refinance existing debt and help fund a repositioning, renovation and lease-up of the center.
Price Chopper Plaza is located at 168 Ames Drive close to Interstate 89 and US Route 2 about three miles from downtown Montpelier and Barre in Berlin.  The property consists of a primary building and two outparcels.  Major tenants include Price Chopper, TJ Maxx, Dollar Tree, Kinney Drugs and Blockbuster.  The center has benefited from recent growth with the addition of TJ Maxx and the current expansion of Price Chopper from 46,508 square feet to 58,568 square feet.

“HFF is pleased to have secured the financing for Redstone Investments, a longtime client of the firm, with The Ohio National Life Insurance Company.  As a repeat borrower, Redstone has closed business many times over the years with Ohio National,” said Didio.
Redstone Investment is a privately-held, full-service commercial real estate development firm specializing in the acquisition, development and management of shopping centers.  Established in 1991, the company currently owns and manages more than 3.5 million square feet of retail space in 13 states along the eastern seaboard.

Contacts:                           THOMAS R. DIDIO                                    KRISTEN M. MURPHY
                                            HFF Senior Managing Director                 HFF Associate Director, Marketing
                                            (973) 549-2000                                               (713) 852-3500
                                            tdidio@hfflp.com                                         krmurphy@hfflp.com

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