 |
| Jon Mikula |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $21.7 million in
acquisition financing for Drexeline
Shopping Center, a 264,417-square-foot, grocery-anchored, mixed-use retail
center with office space in the Philadelphia suburb of Drexel Hill,
Pennsylvania.
HFF worked on behalf of
the borrower, a partnership between The Hampshire Companies and MCB Real
Estate, and with the lender, Flushing Bank, to provide permanent
financing. Loan proceeds will be used
for the acquisition and a secure line of credit for redevelopment and
repositioning of the shopping center.
Consisting of five
buildings, Drexeline Shopping Center is home to more than 40 retail and office
tenants, including grocery-anchor Shop Rite, Ace Hardware, Anthony’s
Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental
Health Associates.
The mixed-use center is situated on 18.46
acres at 4990-5100 State Road at the signalized intersection of State Road and
Route 1, which has an average daily vehicle count exceeding 35,000. Drexeline Shopping Center is located in
Drexel Hill in the western part of Upper Darby Township nine miles west of
Center City Philadelphia.
 |
| Michael KLein |
The HFF debt placement
team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.
“Drexeline Shopping Center
is situated in an infill location with great demographics,” Klein said. “The partnership between MCB Real Estate and
The Hampshire Companies has an excellent opportunity to refresh, stabilize and
reposition the center for the long-term benefit of the local community.”
“Flushing Bank quickly
understood the shopping center’s potential and was eager to work with both MCB
and The Hampshire Companies to help fulfill their vision for the property,”
Mikula added.
“Flushing Bank has been a
leader in commercial real estate and multi-family lending in the New York
Metropolitan area for many years,” said Ron
Hartmann, Executive Vice President for Commercial Real Estate Lending at
Flushing Bank.
“We are excited to expand our lending
expertise in support of larger commercial real estate transactions in similar
metropolitan markets. Our customers also have the benefit of a robust
complement of online banking services, including operating accounts and cash
management services.”
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Marketing
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
Facebook (www.facebook.com/hampshireco)
Twitter (@hampshireco)
LinkedIn (www.linkedin.com/company/the-hampshire-companies).
No comments:
Post a Comment