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| Chris Drew |
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF)
announces the $7 million financing for Burnsville Market, a
137,396-square-foot, Club Foods-anchored retail center in the Minneapolis
community of Burnsville, Minnesota.
The HFF team worked on behalf of the borrower, Sterling Organization, to
place the three-year, fixed-rate bridge loan with RGA Reinsurance
Company.
Loan proceeds will be used to implement the borrower’s
redevelopment plans.
Situated on 16.49 acres at 1750 County Road 42 West, Burnsville Market is
in the heart of the dominant retail corridor that serves the southern
Minneapolis MSA.
The center’s
excellent visibility exposes it to more than 183,000 vehicles per day, and more
than 69,000 residents earning an average annual household income of $87,497 live
within three miles of the property.
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| Nat Scarmazzi |
The HFF debt placement team included senior managing director Chris
Drew, senior director Nat Scarmazzi and associate Matthew
McCormack, along with managing director Jules Sherwood, a licensed
Minnesota real estate broker.
“The Sterling Organization purchased the asset opportunistically and will
begin to reposition the center to capitalize on the phenomenal market
fundamentals and stellar demographics,” Scarmazzi said.
“RGA understands the market and, more importantly, the
quality of the sponsorship, which allowed them to execute in a compressed
closing timeline.”
Sterling Organization is a vertically integrated private equity real
estate firm that has an established track record of providing exceptional
risk-adjusted returns to its partners, in both relative and absolute terms.
 |
| Matthew McCormack |
The company’s national platform is focused on investing in
value-add retail real estate assets and stabilized/core grocery-anchored
shopping centers in major markets across the United States on behalf of
Sterling’s principals in partnership with the highest quality institutional
investors.
Sterling
Organization is headquartered in Palm Beach, Florida. for
more information.
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the global
commercial real estate industry.
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| Jules Sherwood |
HFF, together with its affiliates,
offers clients a fully integrated capital markets platform, including debt
placement, investment advisory, equity placement, funds marketing, M&A and
corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc.
(NYSE: HF).
For more information, please visit
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| Burnsville Market, Burnsville, MN |
CONTACTS
CHRIS DREW
HFF Senior Managing Director
(305) 448-1333
NAT SCARMAZZI
HFF Director
(305) 448-1333
JULES SHERWOOD
MN Lic. #40340183
HFF Managing Director
(303) 515-8000
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
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