Printer-friendly version DENVER, CO - January 15, 2014 – HFF announced today that it has arranged $42 million in financing on behalf of Gart Properties for a four-property retail portfolio totaling 436,107 square feet in Colorado.
HFF worked exclusively on behalf of Gart Properties to secure the 10-year, 4.5 percent fixed-rate loan with a correspondent life company lender. Loan proceeds were used to refinance maturing debt on the properties and to allow Gart Properties to realize significant value that had been created through renovation and repositioning of the assets including strategic leasing and management throughout the past several years.
The properties included in the financing are: Pavilion Shopping Center in Fort Collins; Indian Tree Shopping Center in Arvada; Micro Center Shopping Center in Denver; and Saddle Rock Village in Aurora. The portfolio was 94 percent occupied at closing, including anchor tenants Michael’s, T.J.Maxx, Sprouts, Micro Center, PetSmart and Jo-Ann Fabric and Craft Store.
The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Kristian Lichtenfels.
“The entire HFF team did a terrific job beyond just covering the market with respect to potential lenders, but also in telling the Gart story and making sure that the ultimate lender not only offered compelling terms but was also an excellent cultural fit for our organization,” said Mark Sidell, president of Gart Properties. “This was a very meaningful deal for us and one that positions us to continue our aggressive acquisition program.”
Gart Properties is a Denver-based real estate investment, development and management company. Its portfolio of properties includes office buildings, resort properties, residential developments and more than 3.5 million square feet of retail shopping center space. www.gartproperties.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.