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| Claudia Steeb |
PITTSBURGH, PA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has secured a $100 million refinancing
for Fox Valley Mall, a
1.4-million-square-foot super regional enclosed mall in the Chicago-area suburb
of Aurora, Illinois.
HFF worked on behalf of a
joint venture partnership between Centennial Real Estate Company (Centennial),
Montgomery Street Partners (MSP), USAA Real Estate Company (USAA RealCo) and
Westfield America to place the five-year loan with one 24-month extension
option with a lender group led by J.P. Morgan Chase Bank, N.A. and participant
lenders Aareal Capital Corporation and CIT Bank NA.
In 2015, HFF assisted the
partnership by arranging $308.4 million in acquisition financing for three
shopping malls totaling 2.3 million square feet in Connecticut, Illinois and
Washington in addition to facilitating transfers under the existing debt
financing on two additional malls that the partnership was purchasing: Fox
Valley Mall and MainPlace Mall in Santa Ana, California.
The current financing proceeds were used to
pay off the existing CMBS loan on Fox Valley Mall, which was assumed when the
partnership purchased the property.
Fox Valley Mall is the
only super regional mall in Aurora, one of the fastest-growing submarkets in
the Chicago MSA.
Ninety-three percent leased, Fox Valley Mall is home to national tenants, including H&M, Abercrombie & Fitch, Books-A-Million, Charming Charlie, American Eagle Outfitters, XXI Forever, Victoria’s Secret, Gap and Rue 21.
Ninety-three percent leased, Fox Valley Mall is home to national tenants, including H&M, Abercrombie & Fitch, Books-A-Million, Charming Charlie, American Eagle Outfitters, XXI Forever, Victoria’s Secret, Gap and Rue 21.
Additionally, the mall has
four anchors, Carson Pirie Scott, Macy’s, Sears and JCPenney. Fox Valley Mall is situated on 43.016 acres
at 195 Fox Valley Center Drive equidistant between two of the largest suburban
downtown areas in the Chicago MSA: Aurora
and Naperville.
The property is located along Interstate 88 approximately 35 miles from downtown Chicago.
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| Jim Curtin |
The property is located along Interstate 88 approximately 35 miles from downtown Chicago.
HFF’s debt placement team
was led by managing director Claudia
Steeb, director Jim Curtin and
real estate analyst Brandi Welsch
along with managing director Timothy
Joyce and associate director Christopher
Knight.
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | hfflp.com
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