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6/20/18
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First Street Napa, a 142k sf, mixed-use retail and creative office property spanning three blocks in downtown Napa, was refinanced with a $42 mil loan arranged by HFF and funded through ACORE Capital LP. The borrower is a venture of Zapolski Real Estate LLC and Trademark Property Company.
The property is part of a newly constructed 325k sf, Class A, mixed-use development that comprises 45 high-end retail shops, new state-of-the-art creative office space and a 183-room, boutique Archer Hotel, which was not a part of the financing. Centrally located in Downtown Napa, the property is within walking distance of hotels, restaurants, wine tasting rooms and entertainment venues and it covers three city blocks along First Street, the major vehicular artery into Downtown Napa, the gateway to Napa Valley. First Street Napa offers a blend of regional, national and international retail that the market demands, elevating Napa from first-class to world-class.
HFF’s Peter Smyslowski and Bercut Smith arranged the floating-rate loan. Loan proceeds will be used to pay off the development construction loan and provide an unfunded facility to complete the lease up of the remaining tenant suites.
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