Ashton Pointe
In Pittsburgh, PA, through its Loan Sale Advisory services, HFF closed large-balance loan sales totaling $386.25 million on three regional malls owned and managed by Chicago-based General Growth Properties.HFF exclusively represented Principal Commercial Funding II LLC (PCF II), a joint venture between Principal Financial Group and U.S. Bank N.A., in closing the sale of two large-balance performing loans on malls located in secondary and tertiary markets.
PCF II originated the loans in November 2007 for securitization. The loans had five-year terms at origination and were underwritten on an interest-only basis.
Whit Wilcox
The three malls are the Fox River Mall in Appleton, WI, The Oaks in Gainesville, FL and Westroads Mall in Omaha, NE. The loans were sold servicing released.Handling the transactions were Stuart Salins, senior managing director in HFF's Chicago office; Whit Wilcox, senior managing director in the New York office; and William Mitchell, managing director in the Chicago office.
Andy Scott
In Dallas, TX, HFF managing director Andy Scott and associate director Brandon Chavoya handled a $44 million refinancing of a major downtown Austin, TX office property owned by a joint venture between Walton Street Capital LLC of Chicago and T. Stacy and Associates of Austin.
The brokers arranged a 30-month, adjustable-rate loan with CapitalSource Finance LLC of Chevy Chase, MD.
Scott says the loan proceeds will help future lease-up and fund capital improvement costs associated with the property. The partnership purchased the property in 2004 and plans to hold it for "continued value creation and future development initiatives," Scott says.
Bank of America Bldg.
The property includes a 26-story, 261,609-square-foot Bank of America office building, a 0.81-acre covered land parcel scheduled to be developed into a 1,150-space parking garage, a vacant parking garage and a 90,000-square-foot vacant building.
Also in Dallas, HFF senior managing director Mona Carlton represented the McDougal Cos. In arranging a $16.3 million refinancing through Freddie Mac for Ashton Pointe, a 366-unit, 92-percent occupied multifamily community in Lubbock, TX.
In Indianapolis, IN, HFF managing director Jon Everson placed a $3.5 million, 10-year, six-percent, fixed-rate construction-permanent loan with a correspondent life insurance company lender for a 116-room Homewood Suites in northern Indianapolis.
Jon Everson
HFF will service the non-recourse loan. Everson says the loan proceeds are being used to renovate the hotel according to the requirement of Hilton's license extension and Product Improvement Plan.
Leave a comment