Central/North Florida – January 16, 2012 – (RealEstateRama) — CBRE Capital Markets secured a total $60,075,000 in financing for the acquisition of seven shopping centers in Florida and for the refinance of a Lowe’s in Opelika, Alabama, on behalf of H&R REIT. The lender, an undisclosed life company, held the loan terms open for period of three months. Financing on six of the assets closed on September 6, 2012 while the full loan portfolio closed December 28, 2012.
“We provided H&R REIT a unique portfolio financing vehicle with one of our correspondent life companies. Having the ability to add additional assets with same loan pricing and terms is cutting edge,” said CBRE Senior Vice President Michael Strober, who led financing team. “The strength of the sponsor, quality of assets and relationship with the lender helped create a winning combination for all parties.”
The loan portfolio comprises more than 477,000 square feet in new acquisitions, plus a refinance on a 135,000-square-foot Lowes. The properties include:
Lowes – 1701 Frederick Road, Opelika, AL (financing closed December 28, 2012
The Shoppes at Mission Trace – 955 State Road 16, St. Augustine, FL (financing closed December 28, 2012)
Corridors at Ponte Vedra – 840 A1A North, Ponte Vedra Beach, FL (financing on this and remainder below closed September 6, 2012)
First Merritt Center – 125 East Merritt Island Causeway, Merritt Island, FL
Mandarin Oaks – 11406 San Jose Boulevard, Jacksonville, FL
Publix at Holly Hill – 1850 Ridgewood Avenue, Daytona, FL
Publix at Summer Bay – 17445 US Highway 192, Clermont, FL
Regency Village – 8127 Vineland Avenue, Orlando, FL
The purchase price for the seven Florida shopping centers totals $80.4 million. Six of the seven shopping centers are anchored by Publix. Corridors at Ponte Vedra is anchored by Fresh Market.
Based in Tampa, Michael Strober was joined by partners, Amanda Valenti and Donald Jennewein in representing the borrower, H&R REIT. CBRE secured financing with a 7-year term, 25-year amortization and a 3.35% interest rate through the life company. With this transaction, the CBRE Capital Markets team in Tampa closed more than $630 million in financing in 2012.
H&R REIT is a Toronto Stock Exchange listed, open-ended Real Estate Investment Trust. (TSX Symbol: HR.UN)
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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