DALLAS--HFF has arranged $27.877 million in acquisition financing for an 11-property theater portfolio totaling 109 Cinemark- and Regal-branded screens in eight states.

HFF worked on behalf of the borrower, a joint venture between United Development Company LLC and Iron Point Real Estate Partners III LP, to secure the two-year, floating-rate loan through CapitalSource, a division of Pacific Western Bank. Loan proceeds will be used for the acquisition of the portfolio and real estate improvements to four locations with restructured leases.

When the venture went under contract with the portfolio, there were limited lease terms remaining for each location, and they were able to restructure new, long-term leases for four of the 11 locations. Three theaters will operate as luxury United Artist Theatre Circuit Inc. theaters, and one will operate as Cinemark's new upscale theater brand. The theaters are located in Dallas, Fort Worth and Grand Prairie; Englewood, Colo.; Lake Charles, La.; Clinton and Ridgeland, Miss.; Sewell, NJ; Larchmont, NY; Asheville, NC and Lawton, Okla.