Win Properties Refinances 56-Property National Retail Portfolio

Win Properties has refinanced a 56-retail property portfolio with ING Investment Management for $63 million.

Win Properties Inc., a Westchester, N.Y.-based privately-owned investor, developer and portfolio manager, has refinanced a 56-retail property portfolio with ING Investment Management for $62.4 million.

The portfolio, which includes primarily free-standing single-tenant retail properties, consists of buildings located in 17 states: Arizona, California, Connecticut, Florida, Illinois, Indiana, New Jersey, New Mexico, New York, Massachusetts, Michigan, Mississippi, Missouri, Oregon Tennessee, Utah and Virginia.

HFF, with assistance from real estate analyst David Fowler, arranged the financing for Win Properties. The portfolio consisted of 52 properties that were existing collateral with ING and four new retail properties that were cross-collateralized into the portfolio.

“They are combined properties that were previously financed by separate loans into a larger portfolio to take advantage of economies of scale and historically low rates,” Mike Tepedino, HFF’s senior managing director, told Commercial Property Executive. “Rates are at historic lows and the borrower was able to refinance for a 15-year-term.”

That new collateral includes tenants such as Capital One, Crumbs Bake Shop, Morgan Stanley, Pottery Barn, Sports Authority and Tiffany & Co.

“The new collateral was mostly located in affluent towns in Fairfield Conn., with superior tenancy, i.e. Tiffany’s and Pottery Barn,” Tepedino added.

HFF was able to secure a $58.4 million fixed-rate portion for a 15-year term, and a $4 million floating-rate portion for a five-year term. The loan will also be serviced by HFF.

The properties are predominately retail and are either downtown Main Street, freestanding or community strip shopping centers.

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