By Ioana Neamt, Associate Editor
A 1.1 million-square-foot shopping mall in Eden Prairie, Minn. has reached a new milestone. Eden Prairie Center, the third-largest enclosed mall in the Minneapolis-St. Paul metro, has landed $86 million refinancing with the help of HFF.
Working on behalf of Dallas-based Cypress Equities, HFF placed the five-year, floating-rate loan with MetLife Insurance Co. The loan represents the first investment for MetLife’s new debt fund—MetLife Commercial Mortgage Income Fund. The HFF debt placement team led by Senior Managing Director Trey Morsbach and Managing Director Timothy Joyce represented Cypress Equities in the deal, while HFF Securities served as placement agent for the MetLife fund.
Located at 8251 Flying Cloud Drive, the super-regional mall is one of six such assets in the metro, and has more than 12 million visitors each year. The mall is currently 98 percent leased by anchor tenants such as JCPenney, Von Maur, Target, Kohl’s, Sears, Barnes & Noble, Panera Bread, and AMC18 Theatre, among others. The 39-year-old mall also features a three-story stone fireplace, center court, and children’s play area, and provides access to both Minneapolis and St. Paul through the I-494.
The city of Eden Prairie is conveniently situated just 12 miles southwest of downtown Minneapolis in Hennepin County, and has been named one of Money Magazine’s Best Places to Live in America since 2006.
Image courtesy of Pepper Construction