|HFF has arranged $27.5 mil in refi money for Northgate North, a 303.3k sf, multi-level shopping center in Seattle, WA. The property is owned by Retail Properties of America Inc (NYSE: RPAI), a fully integrated, self-administered and self-managed real estate investment trust that owns and operates high-quality, strategically located shopping centers across 35 states.
Northgate North is located at 302 Northeast Northgate Way near I-5, less than half of a mile from Northgate Mall. The center is 99 percent leased to Best Buy, Ross Dress for Less, Petco and Sports Authority.
The HFF team representing Retail Properties, one of the largest owners and operators of shopping centers in the United States, was led by senior managing director Kevin Mackenzie and managing director Tom Wilson. They secured a 15-year, fixed-rate loan through ING Investment Management LLC out of Atlanta, Georgia.
“Northgate North is a core, strategic property in our retail portfolio. It is located in a dense, infill area of Seattle with strong demographics and a well-diversified tenant lineup, led by Target,” said Angela Aman, executive vice president, chief financial officer and treasurer for RPAI.