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HFF announced financings on three retail properties last week in separate deals worth a cumulative $286 million.
In the largest deal, HFF announced today that it has arranged $230 million in acquisition financing for the 950,000-square-foot Landmark Center mixed-use complex in Boston.
HFF worked to secure a fixed-rate loan through New York Life Insurance Co. and New York State Teachers Retirement System on behalf of institutional investors advised by J.P. Morgan Asset Management and Samuels & Associates.
Landmark Center is a mixed-use complex located at the confluence of the Longwood Medical Area and Fenway neighborhood of Boston. Currently, the property is 98 percent leased, with a blend of credit retail and office tenants. Major office tenants include Blue Cross Blue Shield of Massachusetts, Harvard School of Public Health and Harvard Medical School. The retail units are occupied by Bed Bath & Beyond, Best Buy, REI, Staples and a 13-screen movie theatre. In addition to the current stabilized value, the property has the potential for an additional development of 337,000 square feet over the parking garage.
The building is located adjacent to Fenway Triangle Trilogy, a mixed-use residential and retail project developed by a joint venture with institutional investors advised by J.P. Morgan Asset Management and Samuels & Associates. The Fenway neighborhood is being re-developed into a 24/7 mixed-use community offering a wide range of services, stores and restaurants to its residents.
The HFF team representing the borrowers was led by senior managing directors Bob Herron and Whitney Wilcox and director Greg LaBine.
In a separate deal, HFF arranged $32 million in financing for the 605,722-square-foot Hudson Valley Plaza in Kingston, N.Y. HFF worked on behalf of HUH US Real Estate Income REIT, Inc., an affiliate of The Hampshire Cos., to secure the seven-year, fixed-rate loan through an unnamed life insurance company. Loan proceeds were used to acquire the property. HFF will also service the loan.
Completed in 1995, the property is 98 percent leased to tenants including Wal-Mart Supercenter, Sam's Club, Lowe's, Michaels and Petsmart.
The HFF team representing The Hampshire Companies...