HFF Arranges $61M Refi for Retail Portfolio

HFF arranges $61 million refinancing for Civic Center Plaza, Willow Lake West, Merchant's Village and The Shoppes of Kildaire.

Cary, N.C.HFF arranged a $61 million refinancing for a four-property portfolio of grocery-anchored shopping centers. Totaling 542,683 square feet, the properties are located in Illinois, Indiana, North Carolina and South Carolina.

Willow Lake West

Willow Lake West

The four-property portfolio includes:

  • Civic Center Plaza at 7801 North Waukegan Road in Niles, Ill.
  • Willow Lake West at 2902 West 86th Street in Indianapolis, Ind.
  • Merchant’s Village at 520 Folly Beach Road in Charleston, S.C.
  • The Shoppes of Kildaire at 1394 Kildaire Farm Road in Cary, N.C.

The grocery-anchored shopping centers were 97.8 percent leased to 73 tenants at the time of the announcement. Trader Joe’s, Publix, Super H-Mart, Home Depot, Staples, Starbucks, Panera Bread and Pier 1 Imports are some of the tenants leasing the properties.

HFF worked on behalf of the borrower, a co-investment partnership between Regency Centers and Global Retail Investors to place four separate 10-year, fixed-rate, interest-only loans with Sentinel Asset Management. Loan proceeds are being used to refinance existing debt. Jim Cadranell, senior managing director at HFF, led the debt placement team representing the borrower.

“It was a pleasure to work with the Regency team to find the most competitive financing in the market for these shopping centers,” Cadranell said in prepared remarks.  “Sentinel Asset Management is a new capital source for Regency, so both lender and borrower are pleased with the outcome.”

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