Tuesday, February 12, 2013

HFF arranges $9.2 million financing for Collins Road Square in suburban Cedar Rapids, Iowa



Collins Road Square, Cedar Rapids, IA
CHICAGO, IL – HFF announced today that it has arranged a $9.2 million financing for Collins Road Square, a 168,104-square-foot retail center in suburban Cedar Rapids, Iowa.

HFF worked on behalf of Alex Brown Realty, Inc. to secure the three-year, interest-only financing through Resource Capital Corp. (NYSE:RSO), a commercial mortgage REIT. 

Matthew Schoenfeldt
Proceeds from the loan were used to refinance existing debt on the property and to provide for future re-tenanting expenditures as ownership secures new leases.

Collins Road Square is located at 1400 Twixt Town Road across from Lindale Mall in suburban Cedar Rapids.  Renovated in 2011, the property is 79 percent leased and is anchored by Michael’s.  Other tenants include Collins Road Theaters, Pier One Imports and David’s Bridal.

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt and senior real estate analyst Ed Halaburt.

Alex Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland.  ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com


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