12A — June 12 - 25, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
Ryan Ade of HFF leads team representing the borrower HFF arranges $38.3m refinancing for grocery- anchored retail center in suburban Philadelphia P rant Real Estate Advisors, LLC . The loan will be used to refinance existing indebt- edness.
JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers, and is shadow-anchored by Paoli Hardware True Value. The center is located at the intersection of Rte. 252 and Rte. 30, known as the “Main Line” or Lancaster Ave., which connects Philadelphia to the suburbs and is home to several corporate head- quarters. The HFF team represent- ing the borrower was led by managing director Ryan Ade .
HILADELPHIA, PA — Holliday Fenoglio Fowler, LP (HFF) announced that it has ar- ranged $38.3 million in fi- nancing for Paoli Shopping Center, a 165,617 s/f, Acme Markets-anchored retail cen- ter completed in two phases in Paoli, a western Philadel- phia suburb. HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate mort- gage through an institutional lender advised by Quad-
Paoli Shopping Center was redeveloped by the owner in 2000 and expanded from a 70,000 s/f property to the cur- rent center, which contains six one-story buildings, a service station and 650 park- ing spaces on 18.8 acres. As the only grocery-anchored shopping center within a 2.8 mile radius, the 96.8% leased center is home to Acme, Pier One, Talbots, Loft, Chico’s,
Paoli Shopping Center
“Paoli Shopping Center enjoys one of the best in-fill locations for retail of any property in the Philadelphia market,” Ade said. “Lender interest was very high for this financing and afforded Brandolini the luxury of choice in selecting their capi- tal provider.” n out client’s full eq- uity in 18 months IRONDALE, AL — East- ern Union Funding , the country’s most trusted debt brokerage, arranged a long- term loan refinancing an Alabama multifamily on behalf of Brooklyn-based investment company PF Holdings. Eastern Union’s David Metzger and Nate Hyman originated and arranged a non-recourse 12 year loan with Arbor Commercial Mortgage . The pair also structured $7.9 million in financing for the initial ac- quisition, late in 2013. How- ever, when the property’s upside potential was real- ized, Metzger and Hyman negotiated a deal replenish- ing the full capital stack—a loan which exceeded the purchase price by nearly $1 million. The property, Sunrise Pointe Apartments, is located at 7716 Sunrise Circle in Iron- dale and houses 344 units. “This deal was a testament to growth. When we did the acquisition loan, the client bought the property for $9.2 million, and 18 months later we refinanced him at $9.9 million,” Hyman said. “It’s exciting to facilitate growth at this pace.” n Eastern Union Funding cashes
Made with FlippingBook - Online catalogs