Printer-friendly version MIAMI, FL - June 25, 2014 – HFF announced today that it has secured an $11.425 million senior loan for Village Oaks, a 165,851-square-foot neighborhood shopping center in Pensacola, Florida.
Working on behalf of RCG Ventures, HFF placed the 10-year, fixed-rate senior loan with Prudential Mortgage Capital Company. Greg Krafcik, a director with Prudential Mortgage Capital, led the transaction.
Village Oaks is located on a 14.7-acre site at 6241-6251 North Davis Highway one mile south of the Interstate 10 interchange in Pensacola. The property was most recently renovated in 2013, and is 95.4 percent leased to a number of national and regional tenants including Bealls, PetSmart, Planet Fitness, Party City, Cato and Plato’s Closet.
The HFF team representing the borrower was led by director Chris Drew and real estate analysts Whitaker Leonhardt and Cecily Nazario.
HFF’s debt placement team has secured more than $533 million in loans for retail assets nationally during the first quarter of 2014. In Florida, HFF has closed more than $134 million in retail transactions across all capital markets platforms during the same period.
“The competitiveness from lenders for this asset was unbelievable and the highly attractive terms that the borrower was able to secure are a testament to the quality of the asset and sponsorship coupled with the increased liquidity flowing into the capital markets,” said Drew.
RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States. RCG is an experienced owner and operator of commercial real estate with more than 70 properties totaling seven million square feet. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership. In addition, the company selectively enters into joint ventures with institutional partners. Founded in November 2003, RCG has steadily grown its portfolio through direct investment. It is the combination of significant capital resources and operational expertise that gives RCG a competitive advantage in the industry.
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 hfflp.com or follow HFF on Twitter at twitter.com/hff.