IRVINE, CA - February 3, 2014 – HFF announced today that it has arranged $7.26 million in financing for Craig Promenade, an 86,395-square-foot retail strip center in North Las Vegas, Nevada.
HFF worked on behalf of RREF II-KI, Promenade, LLC, a partnership between Kismat Investments and Rialto Capital, to secure the three-year, floating-rate loan through RRA Capital Management. Loan proceeds were used to acquire the property.
The property is situated on 10.81 acres at 525-785 West Craig Road across from Craig Ranch Regional Park. Completed in 2005, Craig Promenade is leased to tenants such as Big Lots, MetroPCS and Sinclair gas station.
The HFF team representing the borrower was led by director John Chun and real estate analyst Sebastian Trujillo.
Kismat Investments is a western U.S.-focused, value add, real estate investment management platform. The company focuses on identifying opportunities to acquire existing properties in improving submarkets at prices below replacement cost, with the opportunity to create value through stabilization of the asset.
Rialto Capital Management (“Rialto”), a wholly owned subsidiary of Lennar Corporation (NYSE: LEN), is a vertically integrated real estate investment management company focused on distressed and value-add investments and asset management, workout and turn-around strategies. Rialto was formed in 2007 and, since its inception, has participated in the investment of billions of dollars in distressed real estate assets and commercial mortgage-backed securities (“CMBS”). Rialto is headquartered in Miami, Florida with offices across the United States. Rialto is led by director Tony Del Grippo and can be reached at 303-520-2896 or email@example.com. For more information, please visit www.rialtocapital.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.
News Source : HFF arranges $7.26 million financing for retail strip center in North Las Vegas, Nevada