HFF arranges $12.2 million refinancing for 6-property retail portfolio in Miami’s Little Havana and Brickell neighborhoods

MIAMI, FL – HFF announced today that it has arranged a $12.2 million senior refinancing for a 64,939-square-foot portfolio comprised of six retail properties in Miami’s Little Havana and Brickell neighborhoods.

                HFF worked exclusively on behalf of The Barlington Group to secure the 10-year fixed-rate CMBS loan through UBS Investment Bank.   

The Little Havana submarket is located in the heart of Miami between the Brickell Financial District to the east, Coral Gables to the west and Jackson Health District just north. 

Chris Drew

Little Havana is one of Miami’s oldest neighborhood and due to the urban renaissance Miami is currently experiencing is considered a reemerging area. 
  Little Havana is among Miami’s most beloved neighborhoods and one of South Florida’s top cultural tourist attractions. 
 Little Havana has a rich Hispanic history from founding Cuban exiles to an influx of Central Americans and South Americans.
 As a locale so rich in history and culture, Little Havana has attracted a strong contingent of young professionals and artists drawn to the area’s cultural renaissance.  

The properties in the 100-percent-leased portfolio were all acquired by the borrower within the last five years and include:  Goodwill Superstore, 982 SW 8th Street; Futurama, 1637 SW 8th Street; recently completed 7-11, 735 NW 12th Avenue; Village Shops of Little Havana, 541 SW 12th Avenue; and Pents and Frows, 3670 Grand Avenue adjacent to the historic Ace Theatre occupied by Kroma Gallery. 

Maxx Carney

Additionally, included in the collateral was Brickell Station, which is home to Blackbird Ordinary, Stanzione 87 Pizza, La Moon Restaurant and Toasted Bagelry & Deli and is strategically located at the entrance to Miami’s Brickell Financial District at the intersection of SW 8th Street and SW 1st Avenue, adjacent to Swire Properties $1.05 billion mixed-use development known as Brickell Citi Centre.

The HFF team representing the borrower was led by director Chris Drew, associate director Jose Carrazana and real estate analyst Maxx Carney. 
“This was a terrific opportunity for HFF to work with a community conscious sponsor that is focused on both acquiring and operating great real estate and transforming an historic neighborhood through art, amazing food and authentic experiences,” Drew said.  

Martin Pinilla II (left) and Bill Fuller

“Given the significant concentration of art studios and local restaurants, the portfolio was not a typical deal that a New York-based lender underwrites; however, HFF was able to get a number of institutional lenders comfortable with the portfolio due to the experienced sponsorship and the strong fundamentals of the Little Havana and Brickell retail and office submarkets.”

                Barlington Group was founded by Bill Fuller and Martin Pinilla II, in Miami, Florida, in June 2004, as an urban development company committed to revitalizing neighborhoods within Miami's urban core.

 Since inception, Barlington Group has acquired, developed and managed commercial projects with a value exceeding $100 million.  Barlington’s repositioning projects have focused on a variety of asset classes including; multi-family, retail, office and mixed use buildings. 

The company currently operates 100-plus multi-family units and more than 400,000 square feet of retail and office space in 15 retail and mixed-use centers. The company is also invested in retail, entertainment, and hospitality ventures.  The core mission of The Barlington Group is to have fun creating unique places to live, work and play.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com