PHILADELPHIA, PA–HFF arranged $60 million in financing for Concordville Town Centre, a 397,188-square-foot, Home Depot- and Acme Markets-anchored retail center in Glen Mills, PA.
HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate mortgage with an institutional insurance company. The loan will be used to repay existing indebtedness.
The 99.3-percent-occupied Concordville Town Centre consists of 12 buildings and one pad site leased to Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci's along with anchors Home Depot and Acme Markets. Additionally, Target shadow-anchors the center. The 69-acre property at 101 Byers Drive is near the intersection of Routes 1 and 322. Within one mile of the property, there has been a 100-percent increase in growth over the last 10 years and, currently, there are several new multi-housing and medical office developments that will further increase the residential and daytime populations proximate to the center.
Managing director Ryan Ade led the HFF team representing the borrower.
“Brandolini Companies engaged HFF on an exclusive basis in order to find the best available rate and terms in the permanent mortgage space for one of their premier, core assets,” says Ade. “With benchmark treasury rates running near all-time lows, lender interest in a financing of this size was very high and allowed Brandolini to benefit in the form of low borrowing costs and flexible terms.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
