Saturday, March 21, 2015

HFF secures $17.7 million financing for dual-anchored retail center in southeastern Pennsylvania


Spring Towne Shopping Center, 2641--2679 Shillington Road, Reading, PA

 PHILADELPHIA, PA – HFF announced it has secured $17.7 million in financing for Spring Towne Shopping Center, a 277,860-square-foot, Lowe’s- and Giant-anchored retail center in Reading, Pennsylvania. 

Ryan Ade
HFF worked on behalf of the borrower, Brandolini Companies, to secure a long-term, fixed-rate loan with an institutional quality insurance company.  The loan will be used to refinance an existing mortgage on the property.


                Located at 2641-2679 Shillington Road, Spring Towne Shopping Center has frontage along Route 724 with direct access to an exit ramp off the highly-trafficked Route 222. 

Together, 56,000 vehicles travel on these roads each day providing significant traffic to the property. 

More than 150,000 residents live within a five-mile radius of the property, and residents within a three-mile radius earn an average annual household income greater than $75,000.

 Built by Brandolini Companies in 1990, the property is composed of four buildings and one gas station. 

In addition to the anchor tenants, the center is more than 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers.  
       
Christopher Bigos
                The HFF team representing the seller was led by managing director Ryan Ade and senior real estate analyst Christopher Bigos. 

“We were able to secure a loan for Brandolini that allows them to enjoy a low, fixed rate of interest for a long duration on a high-quality asset,” Ade said. 

 “The availability of an early rate lock was critical to the deal given the historically low-rate environment we are in today.”



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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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