Saturday, November 22, 2014

HFF arranges $14.5 million combined financing for regional power center in Birmingham, AL


Tucker Knight
HOUSTON, TX – HFF announced it has arranged a combined $14.5 million in financing for the acquisition of Eastwood Village a 134,256-square-foot regional power center in the affluent Mountain Brook area of Birmingham, Alabama.

               HFF worked on behalf of Morrison Companies to secure the 10-year, fixed-rate, securitized loan through Redwood Trust.  The financing consists of a $12.9 million senior loan and a $1.6 million mezzanine loan.

Eastwood Village is situated on 5.5 acres at 1604-1624 Montclair Road in the eastern Birmingham area of Mountain Brook, an area with an average annual household income of more than $75,000. 

The retail center is near the intersection of U.S. Highway 78 (Crestwood Boulevard) and Oporto Madrid Boulevard with a traffic count exceeding 46,000 vehicles per day. 

Michael F. Johnson
Completed in 2007, the center consists of two single-story buildings and two outparcels that are 99 percent leased to Ross Dress for Less, Office Depot, Party City, Show Carnival, Starbucks, T-Mobile, Game Stop and Tuesday Morning.  Additionally, Eastwood Village is shadow-anchored by a 24-hour Walmart Supercenter.

The HFF team representing the borrower was led by managing director Tucker Knight, associate director Tyler Ford and real estate analyst Michael Johnson.

The Morrison Group of Companies owns, operates and develops commercial and industrial properties throughout the Southeast United States.  

Current projects are located in Louisiana, Arkansas, Alabama, Georgia, South Carolina and North Carolina.  For more information, visit www.themorrisongrp.com.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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