HFF arranges $15M financing for Stamford, CT Stop & Shop

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $15 million financing for a 69,733-square-foot, free-standing Stop & Shop (top left photo) on more than seven acres in Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo)worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank.

The term loan is interest-only for the first three years and on a 30-year amortization thereafter until maturity in 2017. The loan was priced as a floating-rate of 1-month LIBOR plus 200 bps. The loan rate was swapped to fixed, at a rate of 4.31%.

The Stop & Shop is located at 1937 West Main Street (Route 1) in Stamford and adjacent to the Greenwich town line. Completed in 2006, the property is fully leased to Stop & Shop with 21 years remaining on the 25 year lease.

In addition, Stop & Shop has 11 five-year extension options. The lease is fully guaranteed by Koninklijke Ahold, N.V., the parent company of Stop & Shop.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 32 million square feet of commercial real estate in 45 states with a combined acquisition cost of more than $6 billion.

Contacts:

Dana e. Brome, HFF Senior Managing Director, (617) 338-0990, dbrome@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

$114M financing for six-property multi-state industrial portfolio arranged by HFF

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $114 million in financing for six industrial distribution facilities totaling 4.7 million square feet located in Georgia, Illinois, Ohio, Pennsylvania and Texas.

HFF senior managing director Lloyd Minten worked exclusively on behalf of Cardinal Industrial Real Estate Services to secure the loan, which will be included in an upcoming CMBS securitization and serviced by HFF.

 Loan proceeds were used to acquire the portfolio from Dividend Capital Trust who acquired these assets as part of the iStar portfolio sale, which was closed by HFF Securities and financed by HFF.

Completed in the mid-to-late 1990’s, the portfolio consists of “strategically-located” bulk distribution centers in Georgia, Illinois, Ohio, Pennsylvania and Texas.

“The entire process from the initial call from the borrower to the closing took only 31 days, which emphasized the commitment by the borrower and lender, who worked diligently to complete this transaction under significant time constraints.

"The lender’s planned securitization of this loan underscores the improvements in the capital markets through the reemergence of the CMBS market,” said Minten.

With the acquisition, Cardinal Industrial increased their portfolio of single tenant industrial assets located throughout the United States to approximately 13.4 million square feet.

Contacts:
Lloyd L. Minten, HFF Senior Managing Director, (503) 224-0444, lminten@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com

HFF arranges $23M in debt plus the equity required for construction of suburban Philadelphia multi-housing community

WASHINGTON, D.C. – The Washington, D.C. and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged construction financing and joint venture equity for Jefferson at West Goshen (middle  right rendering), a to-be-built, 230-unit luxury multi-housing community in West Goshen, Pennsylvania.

HFF senior managing directors Bob Donhauser (lower left photo)  and Bill Asbill  (lower right photo) and managing director Jim Cadranell (bottom left under Bob Donhauser photo) worked on behalf of the borrower, Jefferson Apartment Group, to secure the $22.85 million, 36-month construction loan through Wells Fargo’s Real Estate Banking Group.

 AEW Value Investors II, a value-added real estate fund sponsored by AEW Capital Management, L.P., provided joint venture equity for the project.

Due for completion in 2011, Jefferson at West Goshen will be a four-story building with one-, two- and three-bedroom units averaging 1,024 square feet each.

 Community amenities will include a 5,600-square-foot clubhouse, resident pub room, business center, two-story fitness center, theatre room, swimming pool, grill area and dog park.

The property is located on a 12.8-acre site at the intersection of US Route 202 and South Matlack Street, about one mile from downtown West Chester and 25 miles west of downtown Philadelphia.

“Jefferson at West Goshen will be well-received in the market as demand for luxury apartments in this high employment corridor has been strong, yet the high barriers to entry have limited development of Class A projects,” said Donhauser.

“HFF did an excellent job assisting Jefferson Apartment Group in acquiring debt in a very challenging market. This closing represents one of the first ground-up projects to get started in this market in over three years. This closing says a lot about JAG’s experience and sponsorship; we look forward to closing other loans in the coming months,” said Jim Butz, president and managing partner of Jefferson Apartment Group.

Founded in 2009 through the acquisition of JPI East, the Jefferson Apartment Group’s principals have acquired and/or developed more than 18,000 units with a value of more than $3 billion in 10 states along the East Coast. See www.JAGllc.com.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $27 billion of capital invested in over $40 billion of property and securities in North America, Europe and Asia (as of June 30, 2010). For more information please visit www.aew.com.

Contacts:

James A. Cadranell, HFF Managing Director, (973) 549-2007, jcadranell@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com