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| De'On Collins |
DALLAS, TX – HFF announced it has arranged $27.877 million
in acquisition financing for an 11-property theater portfolio totaling 109
Cinemark- and Regal-branded screens in eight states.
HFF worked on behalf of the borrower, a joint venture between
United Development Company, LLC and Iron Point Real Estate Partners III, L.P.,
to secure the two-year, floating-rate loan through CapitalSource, a division of
Pacific Western Bank.
Loan proceeds will
be used for the acquisition of the portfolio and real estate improvements to
four locations with restructured leases.
When the venture went under contract with the portfolio,
there were limited lease terms remaining for each location, and they were able
to restructure new, long-term leases for four of the 11 locations.
Three theaters will operate as luxury United Artist Theatre
Circuit, Inc. theaters, and one will operate as Cinemark’s new upscale theater
brand. The theaters are located in
Dallas, Fort Worth and Grand Prairie, Texas; Englewood, Colorado; Lake Charles,
Louisiana; Clinton and Ridgeland, Mississippi; Sewell, New Jersey; Larchmont,
New York; Asheville, North Carolina and Lawton, Oklahoma.
HFF’s debt placement team was led by associate director De’On Collins and real estate analyst Michael George.
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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