{"id":1004095086,"date":"2014-04-21T07:01:57","date_gmt":"2014-04-21T15:01:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095086"},"modified":"2022-12-09T02:07:22","modified_gmt":"2022-12-09T10:07:22","slug":"hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\/","title":{"rendered":"HFF Secures $165M in Financing for 2 MSF Retail Portfolio in Pennsylvania, Ohio"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"The<\/a>

The Waterworks, Pittsburgh<\/p><\/div>\n

A 1.9 million-square-foot collection of four retail properties in metropolitan Pittsburgh and the greater Toledo region has reeled in $165 million in financing. Portfolio owner J.J. Gumberg Co. relied on HFF to secure the funds, and the commercial real estate and capital markets services firm came through with two loans from two sources.<\/p>\n

CorAmerica Capital L.L.C. provided a floating-rate loan on one of the properties, and joined forces with JP Morgan Chase Bank N.A. to furnish a fixed-rate loan on three of the assets.<\/p>\n

\u201cWe had a lot of interest from the CMBS community,\u201d Gerard Sansosti, executive managing director with HFF, told Commercial Property Executive<\/em>. \u201cWe selected the group that we closed with because they provided a structure that met the borrower\u2019s expectations.”<\/p>\n

The Clearview Mall in Butler, Pa., is the largest of the four properties at 760,000 square feet, followed by the 640,000-square-foot The Waterworks in Pittsburgh.\u00a0 The last of the Pennsylvania properties, as well as the smallest in the portfolio, is the 130,000-square-foot North Huntingdon Square in North Huntingdon. And rounding out the group is Northtowne Mall, a 385,000-square-foot center in Defiance, Ohio.<\/p>\n

Together, the properties have an average occupancy level of more than 97 percent.<\/p>\n

While a high occupancy is always a big plus in the pursuit of financing, the J.J. Gumberg portfolio\u2019s nearly full-tenant roster was not the only attribute that caught the attention of lenders. \u201cMulti-family is still at the top of everyone\u2019s list, followed by grocery-anchored retail. In the three-property portfolio transaction, two of the properties were anchored by the dominant grocer in Western Pennsylvania, which was very attractive to the lenders,\u201d Sansosti said.<\/p>\n

And there were additional factors that proved irresistible. \u201cAll four properties have a long history of strong performance, and the borrower is very strong and very experienced in the retail industry,\u201d Sansosti added.<\/p>\n","protected":false},"excerpt":{"rendered":"

A 1.9 million-square-foot collection of four retail properties in metropolitan Pittsburgh and the greater Toledo region has reeled in $165 million in financing.<\/p>\n","protected":false},"author":969,"featured_media":1004095088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,1602,21749],"tags":[],"class_list":["post-1004095086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-pittsburgh","category-retail"],"acf":[],"yoast_head":"\nHFF Secures $165M in Financing for 2 MSF Retail Portfolio in Pennsylvania, Ohio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Secures $165M in Financing for 2 MSF Retail Portfolio in Pennsylvania, Ohio\" \/>\n<meta property=\"og:description\" content=\"A 1.9 million-square-foot collection of four retail properties in metropolitan Pittsburgh and the greater Toledo region has reeled in $165 million in financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-21T15:01:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:07:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/The-Waterworks-Pittsburgh-Pa-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"HFF Secures $165M in Financing for 2 MSF Retail Portfolio in Pennsylvania, Ohio\",\"datePublished\":\"2014-04-21T15:01:57+00:00\",\"dateModified\":\"2022-12-09T10:07:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/04\\\/The-Waterworks-Pittsburgh-Pa-.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"News\",\"Northeast\",\"Pittsburgh\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hff-secures-165m-in-financing-for-2-msf-retail-portfolio-in-pennsylvania-ohio\\\/\",\"name\":\"HFF Secures $165M in Financing for 2 MSF Retail Portfolio in Pennsylvania, Ohio - 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