ORLANDO, FL-HFF is busy closing retail refi deals and sales in Florida cities lately. HFF arranged a $60 million refinancing for Seminole Towne Center in Sanford and closed the sale of Promenades Mall in Port Charlotte.
On the Seminole Towne Center deal, HFF managing directors John Pelusi and Claudia Steeb and director Luis Castillo worked on behalf of the borrower to secure a 10-year, fixed-rate loan through Citigroup Global Markets. HFF will service the securitized CMBS loan that is replacing maturing debt on the property. Seminole Towne Center Limited Partnership includes a Simon Property Group entity and an institutional investor advised by Heitman.
Located on 79 acres at the Interstate 4 and Florida Beltway intersection north of Orlando’s central business district in Sanford, Seminole Towne Center was developed in 1995. Dillard’s, JC Penney, Macy’s, Sears and a 10-screen United Artists Theatre anchor the mall.
“We were able to execute for our client despite having a dark but paying department store at the property,” Pelusi tells GlobeSt.com. “We closed on the refinance of Port Charlotte Town Center for Simon Property late last year and closed on the refinance of another shopping center in that market a few weeks ago.”
Pelusi is referring to Promenades, a 230,704-square-foot, grocery-anchored community center with a medical office component in Port Charlotte. HFF marketed the property on behalf of the seller, Edens & Avant. In-Rel Properties, Inc. purchased the property for an undisclosed amount.
Promenades is located at 3280 Tamiami Trail on a 26.4 acre parcel adjacent to Fawcett Memorial Hospital and Peace River Hospital in Port Charlotte’s Medical Arts District. Renovated in 2009, the property is currently 87% leased to tenants including Winn-Dixie, Bealls Outlet, Fawcett Memorial Hospital supplemental care services and YouFit, among others. The HFF team representing the seller was led by managing director Danny Finkle and Castillo.
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