 |
| Joe Dykstra |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a total of $210
million in first lien financing for Westwood Financial Corp comprising 10
multi-tenant retail centers totaling 973,985 square feet in Arizona,
California, Kansas, North Carolina and Texas markets.
HFF worked on behalf of
the borrower, Westwood Financial Corp., in advising them on new loans and
transferring of loans as part of their $1.2 billion consolidation and
reorganization.
As part of the process,
HFF placed several new loans, including a 10-year, $110 million, fixed-rate
portfolio loan with a correspondent life company and a $100 million senior
credit facility with Wells Fargo Bank's Real Estate Capital Markets Group.
HFF
will service the $110 million loan, proceeds of which will be used to
re-finance existing loans and will assist in the corporate restructure setting
Westwood for future growth.
“Kevin MacKenzie and the HFF team are the best in the business,”
said Joe Dykstra, co-CEO of Westwood
Financial. “HFF has represented us on
more than 40 loans for our affiliates over the last four years, and the
sourcing and execution has always been leading edge.
 |
| Kevin MacKenzie |
“Most recently in
conjunction with our $1.2 billion consolidation and reorganization transaction,
HFF arranged for a $100 million senior credit facility with Wells Fargo and a
$110 million senior loan with a life company. The loans had to fund the same
day as our closing consolidation. Kevin
and his team’s execution was flawless.”
“There were quite a few
objectives we set out to achieve in this financing request, and the lenders
were both able to deliver in order to meet Westwood’s needs with the most
efficient terms available,” said senior managing director Kevin MacKenzie.
“The life company provided a low-cost,
long-term, fixed-rate option using a forward rate lock, and Wells Fargo
provided the flexibility needed to bridge assets into a strategic credit
facility including a go forward solution on additional assets.
“It was a great
introduction for Westwood to a new lending relationship with the life company
and a new credit facility with Wells Fargo.
Both the borrower and lenders did an excellent job working through a
complicated closing process, including multiple assets, a newly-formed
sponsorship entity and creative solutions for the extended time-line to close.”
The $110 million loan
consisted of six assets including the 79,575-square-foot Village Plaza in
Phoenix, Arizona; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano
(Orange County), California; and the 103,124-square-foot Stateline Village in
Prairie Village (Kansas City), Kansas.
 |
| Lauren LaFever |
Additionally, the portfolio contains two Dallas-area centers, the 46,789-square-foot
Hebron Parkway Plaza in Carrollton and the 226,414-square-foot Old Town
Shopping Center in Dallas, and the 79,226-square-foot Steelecroft Shopping
Center in Charlotte, North Carolina.
Ninety-one percent leased
overall, key tenants of the portfolio include Harris Teeter, Sprouts, Hy-Vee,
Tom Thumb, Vons, PetSmart, LA Fitness and Michaels.
 |
| Cory Fowler |
The seed assets in the
Wells Fargo facility included three grocery-anchored centers and one power
center with a shadow grocery.
The properties are: the 77,031-square-foot Camelback Village
anchored by AJ’s Fine Foods in Phoenix, Arizona; the 89,506-square-foot Mercado
Del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the
30,300-square-foot Magnolia Vineland Shopping Center shadow anchored by Ralph’s
in North Hollywood, California; and Legacy Village shadow anchored by Target in
Phoenix, Arizona.
Ninety-five percent leased overall, other key
tenants of the portfolio includes Ross Dress for Less, Beall’s, FedEx Office,
Orange Theory, Steak 44, Famous Footwear, AutoZone, Orange Theory Fitness and
Chipotle.
The HFF debt placement
team representing the borrower consisted of MacKenzie, director Jim Curtin, associate director Cory Fowler, associate Jamie Kline and real estate analyst Lauren LaFever.
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
No comments:
Post a Comment