HFF arranges $39.5 million refinancing for Pittsburgh power center

Village Square, 4000 Oxford Drive, Pittsburgh, PA

PITTSBURGH, PA—Holliday Fenoglio Fowler has arranged a $39.5 million refinancing for Village Square, a 392,497-square-foot, fully-leased retail power center in the Bethel Park area of Pittsburgh, PA.

HFF worked on behalf of the borrower, Oxford Development Company, to place the 10-year, fixed-rate loan with Goldman Sachs.  HFF will service the securitized loan, proceeds of which were used to primarily pay off a maturing loan.

Village Square was built in 1982 and renovated in both 1997 and 2003.  Anchored by Home Depot, Kohl’s, Burlington Coat Factory, Michael’s, Office Depot and Toys”R”Us, the two-story center is also home to a variety of national and regional tenants, including Half-Price Books, Sten’s Stride Rite Shoes, Famous Footwear and Avenues.  Additionally, the center’s outparcel pads are leased to Olive Garden, TGI Friday’s, Pennzoil and PA Wine & Spirits.  Situated in Bethel Park on 31.4 acres at 4000 Oxford Drive, Village Square’s location at the intersection of Fort Couch Road and U.S. Route 19 places it in the heart of Pittsburgh’s South Hills, one of the most densely populated and affluent areas in Pittsburgh.  The center is approximately 10 miles from downtown Pittsburgh.