LOS ANGELES—HFF has secured $39.1 million in acquisition financing for North Oaks Shopping Center, a 448,760-sq.-ft. power center in northwest Houston.
HFF worked on behalf of World Class Capital Group LLC to arrange 85 percent acquisition financing. The $34.5 million, 10-year, fixed-rate senior loan was securitized through Deutsche Bank. In addition, HFF also placed a $4.6 million mezzanine loan on behalf of the borrower with SteepRock Capital.
North Oaks Shopping Center is located at 4501 Farm-to-Market Road 1960 at the intersection of Veterans Memorial Drive and is positioned midway between Highway 249 and Interstate 45.
Situated on approximately 37.9 acres, the center includes two large multi-tenant buildings; four outparcel multi-tenant buildings and four single-tenant buildings. Renovated in 2012, the property is 93.7 percent leased to tenants including Hobby Lobby, Ross Dress for Less, TJ Maxx, Big Lots, Mardel, Staples, 99 Cents Only and Dollar Tree.
Associate director Tyler Ford and director Christopher Vittetoe led the HFF team representing the borrower.