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12/23/15
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Holliday Fenoglio Fowler L.P. (HFF) has arranged $308.4 mil in financing for three shopping malls totaling 2.3 msf in Connecticut, Illinois and Washington. The borrower was a newly-formed joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners/Blum Capital (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America.
The transaction entailed placing three separate five-year loans with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank, NA. The three shopping centers involved in the financing are Connecticut Post Mall in Milford, Connecticut; Hawthorn Mall in Vernon Hills, Illinois; and Vancouver Mall in Vancouver, Washington.
HFF also assisted Centennial, MSP and USAA RealCo in connection with transfers under the existing debt financing on two additional malls owned by the joint venture: Fox Valley Mall in Aurora, Illinois, and MainPlace Mall in Santa Ana, California.
The five properties are all considered super regional malls located in or near large U.S. cities, and the malls have an average population of 618,474 residents living within a five-mile radius. The 96.9 percent-leased portfolio has diverse anchor tenants including JCPenney, Nordstrom, Macy’s, Sears, Carson Pirie Scott, Dick’s Sporting Goods, Target, Rave Cinemas and AMC Theater.
HFF’s Claudia Steeb, director Jim Curtin and Barry Brown arranged the deal.
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