Retail Traffic

HFF to Help Inland Western Take Care of Maturing Debt

Inland Western Retail Real Estate Trust, Inc. hired the Dallas office of Holliday Fenoglio Fowler, L.P. (HFF) to assist the REIT with outstanding debt maturities for retail properties nationwide.

To date in 2009, HFF and Inland Western have closed 10 loan transactions through a variety of life companies and banks totaling approximately $120 million. Examples of the financed assets include: Preston Trail Village in Dallas, Texas, Southlake Town Square Block 22 in Southlake, Texas, the Shops at Park Place in Plano, Texas, the Village Shoppes at Simonton in Lawrenceville, Ga., Shoppes of New Hope in Dallas, Ga and Hickory Ridge in Hickory, N.C.

HFF has also secured approximately $75 million in committed financing, which is anticipated to close within the next 30 to 60 days. Additionally, nearly $300 million of debt is in various stages of negotiation for refinance and long-term extensions.

"Given the current capital markets environment, it is a testament to the quality of both the sponsorship and the assets that HFF is able to attract solid support and negotiate nearly $500 million in financing for Inland Western," HFF managing director Kevin MacKenzie said in a statement. "The lenders that are actively engaged appreciate the quality of the assets, the realistic underwriting assumptions being used and the opportunity to make strong fundamental loans to a best-in-class sponsor."

Other Notable Deals

CBL & Associates Properties, Inc. CBL & Associates Properties (NYSE: CBL) updated its progress on extending and modifying a $524.9 million credit facility set to mature in February 2010. To date, the company has received commitments for approximately $420.0 million to extend the facility to February 2012 with a one-year extension option. The amounts under the facility are expected to bear interest at LIBOR plus 325 to 425 basis points, with a LIBOR floor of 1.50 percent for periods commencing January 2010. The company's current facility bears interest at an annual rate equal to LIBOR plus 80 basis points. Wells Fargo Bank NA is the administrative agent under this facility. CBL has entered into commitments for two separate 10-year, non-recourse loans including a $33.6 million loan secured by Honey Creek Mall in Terre Haute, Ind. and a $57.8 million loan secured by Volusia Mall in Daytona Beach, Fla. The loans have an interest rate of 8.0 percent…. Federal Realty Investment Trust (NYSE: FRT) completed its previously announced cash tender offer for any and all of its $163.9 million in outstanding 8.75 percent Notes due 2009. The firm purchased an aggregate of $40.3 million—24.6 percent of the outstanding securities, which were then retired. Federal paid $1,020 per $1,000 in principal plus accrued and unpaid interest up through June 4, 2009. Overall, Federal tendered $41.1 million, excluding accrued interest…. X Team, an alliance of retail real estate advisors announced that Kansas City, Mo.-based member LANE4 Property Group, in conjunction with several local investors, purchased three Kansas City shopping centers: Prairie Village and Corinth Square Shopping Centers in Prairie Village, Kan., and the Fairway Shopping Center in Fairway, Kan. Published reports estimated the deal to be worth $62.1 million. The properties have a combined 416,000 square feet of retail space and 154,000 square feet of ground leases. The Kansas City office of Bank of America provided financing for the portfolio acquisition, with permanent financing provided by Grandbridge Real Estate Capital…. The San Francisco office of HFF secured a $7.1 million refinancing for the 41,913-square-foot Magnolia Square Shopping Center in San Ramon, Calif., on behalf of Kimco Realty Corp. (NYSE: KIM) HFF arranged the fixed-rate loan through Fidelity Bancorp Funding, Inc.…. Marcus & Millichap Real Estate Investment Servicesfacilitated the sale of the 20,740-square-foot Bixby Center in Long Beach, Calif., for $6.1 million, or $292 per square foot…. Feldman Mall Properties, Inc. sold its interests in Colonie Center to its partner, Heitman Value Partners, for approximately $4.1 million. The company also completed a transaction with Kodiak CDO I, Ltd. and Kodiak CDO II, Ltd. to purchase 1,140 preferred securities of FMP Statutory Trust I for $1.5 million and 1.2 million shares of the company's common stock. The deal will result in the cancellation of $29.4 million of the unsecured fixed/floating rate junior subordinated notes…. HI Urban Retail Advisors, a retail investment division of Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of a 24,925-square-foot street-front retail building in downtown Long Beach, Calif. The purchase price was $3,500,000, representing $140 per square foot. The buyer was a family trust from Long Beach. The seller was Vineyard Bank based in Corona, Calif…. KLNB Retail Investment Sales brokered the sale of a 7,500-square-foot free-standing Romano’s Macaroni Grill restaurant in Howard County, Md. For $2.6 million, or $345 per square foot. DB Cardinal Mac LLC sold the property to a private all-cash buyer.

(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)

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