DALLAS — HFF has arranged a $111.5 million refinancing for a seven-property portfolio across five states that totals approximately 1.4 million square feet. The properties include multifamily, industrial and mixed-use assets.
HFF worked exclusively on behalf of the borrower, Madison Core Property Fund, a real estate fund managed by New York Life Real Estate Investors, to secure the fixed-rate loan that an HFF-correspondent life insurance company split into a five- and seven-year tranche. HFF is also servicing the loan.
Senior Managing Director Trey Morsbach and Associate Director De’On Collins led the HFF team representing the borrower.
The portfolio is 96 percent leased. The properties in the portfolio include two in California, the 156,880-square-foot office/retail property Centerstone Plaza, in Irvine, which was built in 1988; and the 136-unit multifamily property Pointe at Warner Center in Woodland Hills, built in 2004.
Other assets in the portfolio include the industrial properties Bolingbrook in Bolingbrook, Ill., built in 2001 and 283,630 square feet; Auburn Park in Auburn, Wash., built in 2008 and 141,970 square feet; and Sumner North in Sumner, Wash., built in 2007 and 132,935 square feet.
Multifamily properties are the remaining assets in the portfolio, including the 137-unit Wellington Place in Medford, Mass., built in 2005; and the 333-unit Reserve at Sugarloaf in Duluth, Ga., built in 2001.
New York Life Real Estate Investors is a division of New York Life Investments and NYL Investors LLC. New York Life Real Estate Investors had more than $37 billion in assets under management as of June 30.
HFF (Holliday Fenoglio Fowler LP) is owned by HFF Inc. (NYSE: HF). HFF offers a national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
HFF’s stock price closed at $32.30 per share on Monday, Aug. 11, up from $22 per share a year ago.
— Scott Reid