(Read more on the debt and equity markets.)
ALEXANDRIA, VA-Fair City HHH LLC and Landmark HHH LLC, owners of the Fair City Mall, in Fairfax, and Plaza at Landmark here, have recapitalized the properties with a $140-million financing package arranged by the Hartford office of Holliday Fenoglio Fowler LP. The two properties total 843,000 sf.
According to HFF senior managing director Dane Brome, who secured the two 10-year, fixed-rate securitized loans through conduit lender Morgan Stanley Mortgage Capital Inc., the owners have multiple purposes in mind for the proceeds, including taking advantage of lower interest rates.
"Some of the balance is going to retrofit and redo the facades," Brome tells GlobeSt.com. "They have also signed a letter of intent with a big box retailer and will be using some of the proceeds to reconfigure the space for that."
Brome says this was an unusually fast transaction, completing in 19 hours. A $71-million loan was secured for Fair City Mall and a $69-million loan was secured for Plaza at Landmark.
Fair City Mall has 406,578 sf of gross leasable area that is more than 95% leased to tenants including Shoppers Food Warehouse, Lifetime Fitness, Bed Bath & Beyond and Marshall's. The 33.1-acre site is located at the intersection of Main St. and Little River Turnpike in Fairfax.
The 437,308-sf GLA Plaza at Landmark is located at 6198-6244 Little River Turnpike. It has a 95% occupancy rate; tenants include Shoppers Food Warehouse, Bally's Total Fitness, Marshall's and Ross Dress for Less.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
