HFF secures $48.5 million refinancing for Port Charlotte Town Center in Port Charlotte, FL

 MIAMI, FL – The Miami and Pittsburgh offices of HFF (Holliday Fenoglio Fowler, L.P.) have secured $48.5 million in permanent first mortgage financing for Port Charlotte Town Center (top left photo), a regional mall in Port Charlotte, Florida.

HFF executive managing director Manny de Zárraga, director Luis Castillo (middle right photo) and managing director Danny Finkle (lower left photo), in conjunction with managing director Claudia Steeb and executive managing director and managing member, John Pelusi, Jr. of the Pittsburgh office of HFF, worked exclusively on behalf of Simon Property Group. 

The HFF team secured the 10-year, fixed-rate loan through RBS Securities, Inc., which replaced a maturing facility on the property.

Port Charlotte Town Center is anchored by Dillard’s, JCPenney, Macy’s, Sears, Bealls and a high-volume, 16-screen Regal Cinema. 

 National tenants at the property include Old Navy, DSW, Charlotte Russe and Victoria’s Secret, among others.  The property is located at 1441 Tamiami Trail (US 41) in an established commercial and residential area.

“Port Charlotte Town Center is the dominant enclosed retail mall in the market with no direct competition within 30 miles,” said Castillo.  “The mall benefits from an extended trade area and receives more than 8.4 million visitors annually.”

 Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. 

 The company currently owns or has an interest in more than 393 properties comprising in excess of 263 million square feet of gross leasable area in North America, Europe and Asia.

Contacts:    

Luis Castillo, HFF Director, (305) 448-1333,  lcastillo@hfflp.com

 Kristen Murphy, HFF Associate Director, Marketing, 713-852-3500, krmurphy@hfflp.com

HFF closes senior promissory note sale secured by oceanfront condominium complex in Daytona Beach Shores, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed a loan sale secured by the Islamorada Condominiums (top left photo), a 53-unit, luxury condominium complex in Daytona Beach Shores, Florida.

HFF executive managing director Manny de Zárraga (middle right photo), managing director George Vail (middle left photo)  and director Jaret Turkell exclusively represented the seller.

  Bayshore Capital purchased the senior promissory note for an undisclosed amount.

The Islamorada Condominiums is located directly on Daytona Beach at 2071 South Atlantic Avenue close to US Route 1 and Interstate 95 in Daytona Beach Shores. 

The property was completed in 2008 and is currently vacant.  All of the units are three bedroom layouts that average 1,865 square feet. 

Amenities at the 11-story property include a heated oceanfront swimming pool, fitness center, clubroom with bar, billiards table and underground parking garage.

“The fact that none of the units had sold yet was appealing to Bayshore in that it allows them to control the condominium association and grants significant flexibility in execution strategies,” said de Zarraga.

“The Islamorada Condominium is a class A property located on the ocean in Daytona Beach Shores–it is a prime candidate for a condominium sell-out execution,” added Turkell. 

Contacts:

Manuel de Zarraga, HFF Executive Managing Director, 305-448-1333, mdezarraga@hfflp.com

George Vail, HFF Managing Director, 305-448-1333, gvail@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing. 713-852-3500, krmurphy@hfflp.com