IRVINE, CA – HFF announced today that it has secured a $43 million refinancing for Fairwood Shopping Center and Oswego Village Center, grocery-anchored, community shopping centers in Renton, Washington and Lake Oswego, Oregon.
Working on behalf of the borrower, Terramar Retail Centers, HFF placed the 10-year, fixed-rate loan with Prudential Mortgage Capital Company. Loan proceeds were used to refinance existing loans on the properties. HFF was able to secure a forward rate lock in May 2013 and the loan closed when the existing debt was open for prepayment in October. As a result of the increase in the treasury rates between May and October, the rate is well below the current market level.
Fairwood Shopping Center is located at 14060 SE Petrovitsky Road close to Interstate 405 about 12 miles southeast of downtown Seattle. The 214,834-square-foot center is anchored by Safeway and is 90.4 percent leased. Additional tenants include a new LA Fitness and Ace Hardware.
Oswego Village Center is located at 101 South State Street about seven miles south of downtown Portland. The 89.1 percent leased property has 86,416 square feet and is anchored by Albertsons and Ace Hardware.
The HFF team representing Terramar Retail Centers was led by senior managing director Don Curtis and associate director Greg Brown.
Terramar Retail Centers is a privately-held commercial investment, management and development company. Founded in 1996, the company has acquired, managed and leased more than 6.5 million square feet of retail shopping centers and has entitled more than one million square feet of development projects.
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.