Holliday Fenoglio Fowler Arranges $114 Million for Industrial Portfolio

By Murray, Michael | Mortgage Banking, October 2010 | Go to article overview

Holliday Fenoglio Fowler Arranges $114 Million for Industrial Portfolio


Murray, Michael, Mortgage Banking


Holliday Fenoglio Fowler LP (HFF) arranged more than $340.4 million in debt financing, including $114 million for a portfolio of six industrial properties.

Lloyd Minten, senior managing director at HFF's Portland, Oregon, office, secured $114 million in financing for six industrial distribution facilities in Georgia, Illinois, Ohio, Pennsylvania and Texas.

Minten said HFF will service an upcoming commercial mortgage-backed securitization with this loan included in the pool. Cardinal Industrial Real Estate Services, Carlsbad, California, used its loan proceeds to acquire the 4.7-million-square-foot portfolio from Dividend Capital Trust, Denver, which acquired the assets as part of New York-based iStar Financial Inc.'s portfolio sale, closed by HFF Securities and financed by HFF in the mid- to late 1990s.

With this acquisition, Cardinal Industrial increased its portfolio of single-tenant industrial assets throughout the United States to nearly 13.4 million square feet.

"The entire process, from the initial call from the borrower to the closing, took only 31 days--which emphasized the commitment by the borrower and lender, who worked diligently to complete this transaction under significant time constraints. The lender's planned securitization of this loan underscores the improvements in the capital markets through the reemergence of the CMBS market," Minten said.

Mike Tepedino and Jon Mikula, senior managing directors at HFF's New York and New Jersey offices, respectively, secured $81.5 million to refinance a four-property office portfolio of 456,000 square feet in Princeton, New Jersey. A joint venture between RXR Realty, Uniondale, New York, and affiliates of Marathon Asset Management, New York, refinanced for a five-year, fixed-rate loan on a pari-passu basis through Cigna Investments, Bloomfield, Connecticut, and AIG Global Investment Group, New York. (Pari-passu means Cigna and AIG will evenly split returns on their investment.)

The properties include University Square, a five-story, 324,000-square-foot, class-A office building built in 2008. The three other properties are single-story office buildings totaling 132,000 square feet combined. The portfolio has a 95 percent occupancy rate. The portfolio, near Carnegie Center and downtown Princeton, New Jersey, is also near Princeton University, the New Jersey Turnpike, Interstates 95 and 295, and the Princeton Junction train station.

Kevin MacKenzie, managing director at HFF's Dallas office, secured $39 million financing for Huebner Oaks, a 287,000-square-foot, nine-building retail power center in northwest San Antonio, Texas. Working on behalf of Inland Western REIT, MacKenzie placed a five-year, fixed-rate loan with Nationwide Life Insurance Co., Columbus, Ohio. Huebner Oaks, on nearly 30 acres, is 95 percent leased to tenants, which include Bed Bath & Beyond, Borders, Ross Dress for Less, Old Navy, Starbucks, The Gap, Banana Republic and Macaroni Grill.

"Huebner Oaks has performed very well historically, consistently experiencing occupancy above 95 percent with tenants enjoying high sales and low occupancy costs," MacKenzie said. "This performance has created strong incentives for existing tenants to renew leases at the property, in addition to attracting new tenants."

Matthew Schoenfeldt, managing director at HFF's Chicago office, worked on behalf of Marquette Real Estate Investments, Minneapolis, and TRECAP Partners LLC, Conshohocken, Pennsylvania, to secure a $33 million, fixed-rate acquisition loan through Freddie Mac for The Lakes of Schaumburg, a 428-unit multifamily housing community in Schaumburg, Illinois. Marquette and TRECAP purchased the property free and clear of debt from Cornerstone Real Estate Advisers LLC, Hartford, Connecticut.

Marty O'Connell and Sean Fogarty, managing directors; and Matthew Lawton, executive managing director at HFF's Chicago office, who represented Cornerstone, closed the sale and arranged financing. …

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