{"id":1004142821,"date":"2016-04-26T13:27:30","date_gmt":"2016-04-26T21:27:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142821"},"modified":"2021-05-14T20:48:21","modified_gmt":"2021-05-15T04:48:21","slug":"hff-lines-up-financing-for-suburban-philly-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-lines-up-financing-for-suburban-philly-shopping-center\/","title":{"rendered":"HFF Lines Up Financing for Suburban Philly Shopping Center"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Philadelphia<\/strong>\u2013HFF<\/a> has secured $21.7 million in acquisition financing for Drexeline Shopping Center, a 264,417-square-foot, grocery-anchored retail center with office space located in the Philadelphia suburb<\/a> of Drexel Hill, Pa.<\/p>\n

\"Drexeline<\/a>

Drexeline Shopping Center, Drexel Hill, Pa.<\/p><\/div>\n

HFF worked on behalf of the borrower, a partnership between The Hampshire Cos<\/a>. and MCB Real Estate<\/a>, to provide permanent financing<\/a> from the lender, Flushing Bank<\/a>.<\/p>\n

Loan proceeds will be used for the property\u2019s acquisition and as a secure line of credit for its redevelopment and repositioning.<\/p>\n

The shopping center consists of five buildings, which host more than 40 retail and office tenants, including grocery-anchor Shop Rite, Ace Hardware, Anthony\u2019s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children\u2019s Dental Health Associates.<\/p>\n

Drexeline Shopping Center is located in the western part of Upper Darby Township, nine miles west of Center City, Philadelphia. The mixed-use property is situated on 18.5 acres at 4990-5100 State Road at the signalized intersection of State Road and Route 1, which has an average daily vehicle count exceeding 35,000.<\/p>\n

Senior Managing Director Jon Mikula and Director Michael Klein led the HFF debt placement team representing the borrower.<\/p>\n

\u201cFlushing Bank quickly understood the shopping center\u2019s potential and was eager to work with both MCB and The Hampshire [Cos.] to help fulfill their vision for the property,\u201d Mikula said in prepared remarks.<\/p>\n

\u201cFlushing Bank has been a leader in commercial real estate and multifamily lending in the New York Metropolitan area for many years,\u201d added Ron Hartmann, executive vice president for Commercial Real Estate Lending at Flushing Bank. \u201cWe are excited to expand our lending expertise in support of larger commercial real estate transactions in similar metropolitan markets. Our customers also have the benefit of a robust complement of online banking services, including operating accounts and cash management services.\u201d<\/p>\n

Image via Google Street View <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a deal facilitated by HFF, The Hampshire Cos. and MCB Real Estate received a $21.7 million acquisition loan for Drexeline Shopping Center in Drexel Hill, Pa.<\/p>\n","protected":false},"author":260,"featured_media":1004142825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,10,21747,1494,21749],"tags":[],"class_list":["post-1004142821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-northeast","category-office","category-philadelphia","category-retail"],"acf":[],"yoast_head":"\nHFF Lines Up Financing for Suburban Philly Shopping Center - 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-lines-up-financing-for-suburban-philly-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HFF Lines Up Financing for Suburban Philly Shopping Center\" \/>\n<meta property=\"og:description\" content=\"In a deal facilitated by HFF, The Hampshire Cos. and MCB Real Estate received a $21.7 million acquisition loan for Drexeline Shopping Center in Drexel Hill, Pa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hff-lines-up-financing-for-suburban-philly-shopping-center\/\" \/>\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=\"2016-04-26T21:27:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T04:48:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Drexeline-Shopping-Center.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1372\" \/>\n\t<meta property=\"og:image:height\" content=\"736\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hff-lines-up-financing-for-suburban-philly-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hff-lines-up-financing-for-suburban-philly-shopping-center\/\",\"name\":\"HFF Lines Up Financing for Suburban Philly Shopping Center - 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