HFF Arranges Nearly $10M Refi for Atlanta Retail Center
- Apr 19, 2016
HFF worked on behalf of the borrower, Hawthorne Retail Partners to place the floating-rate loan with New Bridge Bank. Initial proceeds of $7 million were used for post-close acquisition and renovation financing, while the remainder will be used for future capital costs. The HFF debt placement team representing the borrower was led by Senior Managing Director Travis Anderson, Director Chip Sykes and Associate Director Cory Fowler.
Completed in 1985, Connexion at Holcomb Bridge was redeveloped by Hawthorne and underwent extensive renovations from 2013 to 2015, adding 5,502 square feet of additional leasable space. The three-building center is home to notable tenants including Planet Fitness, UnitedHealth Group, Starbucks, Verizon Wireless, GolfTEC, My Salon Suite, Kale Me Crazy, Taqueria Tsunami, Foundation Social Eatery, Dove Studio and Cycleworks.
Situated on 11.77 acres at 1570 Holcomb Bridge Road, Connexion is located less than a mile from Georgia 400, a primary north-south artery.
“Hawthorne has done an outstanding job of revitalizing the previously-tired property into a fresh, modern center,” said Fowler. “The property benefits from a highly-visible location in which tenants want to be. With the addition of quality national and regional tenants alike, the property will continue to see success as retail demand tightens.”
Hawthorne Retail Partners acquires and repositions shopping centers in the major metropolitan areas of the Southeast to create value for institutional and private investment groups. Hawthorne excels at revitalizing underperforming shopping centers and utilizes its market knowledge and network of relationships to identify acquisition opportunities.
Photo courtesy of Hawthorne Retail Partners.