Southeast Retail Portfolio Lands $62M Financing
- Sep 22, 2016
Working on behalf of borrower-sponsor Cole Credit Property Trust IV Inc., HFF will service the seven-year, fixed-rate loan placed with Voya Investment Management. Senior Managing Director Kevin Mackenzie, Director Greg Brown and Associate Director Cory Fowler led the HFF debt placement team representing the borrower.
“Using our marketing process and the strength of the sponsorship coupled with the cross collateralization of the portfolio, we were able to provide the client with multiple balance sheet lender options and, ultimately, were able to close with an excellent lender in Voya within the client’s desired timeframe,” said Brown in a statement.
Three of the seven properties in the portfolio are located near Charleston and Greenville-Spartanburg in South Carolina: Walmart Neighborhood Market at 10635 Dorchester Road in Summerville; Poplar Springs Plaza at 2153 E. Main St., in Duncan; and Tire Kingdom & Starbucks at 1820 N. Highway 17 in Mount Pleasant.
Two of the properties are located in Georgia: Albany Square at 2707 Dawson Road in Albany and East-West Commons at 1757 East-West Connector in Austell. The portfolio also included Morganton Heights at 400 Henredon Road in Morganton, N.C., and The Ridge at Turtle Creek in Hattiesburg, Miss.
All of the properties are anchored by national retailers such as Walmart, Publix, Academy Sports, Dick’s, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls.
Image via Google Maps