NEW YORK CITY - HFF announced today that it has secured a $16.88 million construction and permanent loan for the development of a 63,000-square-foot freestanding ShopRite supermarket in Staten Island, New York.
Working on behalf of the borrower, HFF placed the 22-year, fixed-rate construction and permanent loan with a national life insurance company. The loan will convert to a 20-year, self-liquidating loan upon completion of the project.
Slated for completion in 2015, the property is fully leased to ShopRite supermarket. Situated on 4.3 acres, the store is located at 3010 Veterans Road near the Richmond Parkway and Pearl Harbor Memorial Expressway interchange.
The HFF team representing the borrower was led by managing director Robert Delitsky and senior managing director Thomas Didio.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.com or follow HFF on Twitter at www.twitter.com/hff.