MIAMI—Palm Beach Outlets, a 459,633-square-foot, open-air outlet center in West Palm Beach, FL, has secured a $165 million loan. The loan collateral also includes land for the future development of 105,000 additional square feet of retail space.
HFF worked on behalf of the borrower, New England Development and a commingled fund managed by Clarion Partners, to secure the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, acting on behalf of an institutional client. Loan proceeds were used to acquire the property.
Completed in February 2014, Palm Beach Outlets includes eight small retail buildings surrounding two larger retail structures in a racetrack design layout plus 3,182 parking spaces and five out-parcels. One is yet-to-be-developed.
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