HFF Arranges $42M Refi for CA Mixed-Use Asset

By Adina Marcut

Aerial view of First Street Napa

HFF has arranged a $42 million floating-rate loan for the refinancing of First Street Napa, a 142,026-square-foot mixed-use property in Napa, Calif. The company worked on behalf of the borrower, Zapolski Real Estate LLC and Trademark Property Co., to secure the loan through ACORE Capital.

Located at 1300 First St., in downtown Napa, the retail and creative office building spans across three blocks along First Street, the major artery into downtown and the gateway to Napa Valley. The property is close to various hotels, restaurants and entertainment venues.

The asset is part of a newly developed 325,000-square-foot, Class A mixed-use development that consists of 45 retail shops, office space and the 183-key boutique Archer Hotel. Tenants currently include Charlie Palmer Steak Napa, Overland Sheepskin Co., Napa Valley Jewelers, Brown Estate and Pacific Union International among others.

Senior Managing Director Peter Smyslowski and Associate Bercut Smith were part of the debt placement team that represented the borrower. The financing will be used to pay off the construction loan and to provide unfunded facility to complete the lease-up of the remaining tenant suites. In another recent deal, HFF represented Equus Investment Partnership XI LP to secure an $18.8 million seven-year loan.

Image via Google Street View