DALLAS, TX – HFF announced today that it has arranged a $54.2 million construction loan for the redevelopment of the historic Joske’s Building at the RiverCenter Mall, a tourist-oriented retail mall along San Antonio’s River Walk.
HFF worked exclusively on behalf of the borrower, Ashkenazy Acquisitions Corporation, to secure the bridge facility through Cornerstone Real Estate Advisers, on behalf of a Cornerstone managed fund. Loan proceeds will be used for the redevelopment of the historic building.
Built in 1887 as the original location of Joske’s Department Store, the property is situated at the corner of Alamo and Commerce Streets overlooking the historic Alamo Plaza in San Antonio’s central business district. Joske’s occupied the space until 1987 at which time Dillard’s moved into the space until its departure in 2008. The mall redevelopment will include a variety of retail, restaurant and entertainment tenancy.
The HFF team representing Ashkenazy Acquisitions Corporation was led by senior managing director Trey Morsbach, executive managing director John Pelusi and associate director Cullen Aderhold.
Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. Ashkenazy Acquisition has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States and Canada. With a portfolio containing more than 100 buildings valued at approximately $5 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the world's largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.