IRVINE, CA – HFF announced it has secured a $43 million
refinancing for Fairwood Shopping Center and Oswego Village Center,
grocery-anchored, community shopping centers in Renton, Washington and Lake
Oswego, Oregon.
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| Fairwood Shopping Center, 14060 SE Petrovitsky Road Renton, WA |
Working on behalf of the borrower, Terramar Retail Centers, HFF placed
the 10-year, fixed-rate loan with Prudential Mortgage Capital Company. Loan proceeds were used to refinance
existing loans on the properties.
HFF was
able to secure a forward rate lock in May 2013 and the loan closed when the
existing debt was open for prepayment in October.
As a result of the increase in the treasury rates between May and
October, the rate is well below the current market level.
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| Don Curtis |
Fairwood Shopping Center is located at 14060 SE Petrovitsky Road
close to Interstate 405 about 12 miles southeast of downtown Seattle. The 214,834-square-foot center is anchored
by Safeway and is 90.4 percent leased.
Additional tenants include a new LA Fitness and Ace Hardware.
Oswego Village Center is located at 101 South State Street about
seven miles south of downtown Portland.
The 89.1 percent leased property has 86,416 square feet and is anchored
by Albertsons and Ace Hardware.
The HFF team representing Terramar Retail Centers was led by senior
managing director Don Curtis and associate director Greg Brown.
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| Greg Brown |
Terramar Retail Centers is a privately-held commercial investment,
management and development company.
Founded in 1996, the company has acquired, managed and leased more than
6.5 million square feet of retail shopping centers and has entitled more than one
million square feet of development projects.
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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