HFF Arranges $60M Refi for Charlotte-Area Retail Center
- Oct 11, 2016
by Laura Calugar
Charlotte, N.C.—Windsor Square Shopping Center in the Charlotte suburb of Matthews will benefit from a $60 million refinancing, arranged by HFF. Located approximately 10 miles from downtown Charlotte, near the Interstate 485 outer belt and Highway 51, Windsor Square Shopping Center reaches almost 320,000 residents living within a seven-mile radius.
HFF worked on behalf of the borrower, Sterling Org. It secured the 10-year, fixed-rate loan through JPMorgan Chase Bank N.A. Loan proceeds were used to pay off a maturing CMBS loan.
“Sterling Org. has positioned Windsor Square as one of the premier assets in greater Charlotte, not only from a physical perspective, but also from the line-up of top-tier national tenants,” Chris Drew, managing director at HFF, said in a prepared statement.
The retail power center was completed in 1987 and underwent a $16 million restoration between 2012 and 2014. At 96 percent leased, Windsor Square Shopping Center is home to tenants such as Sam’s Club, J.C. Penney, PetSmart, Tuesday Morning, Kohl’s, Lifetime Fitness, Ross Dress for Less, Outback Steakhouse, Designer Shoe Warehouse, Shoe Carnival and Mattress Firm.
Image courtesy of Kara Lopp/MMHW photo via Matthews-Mint Hill Weekly