{"id":1004153431,"date":"2016-09-26T01:51:49","date_gmt":"2016-09-26T09:51:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153431"},"modified":"2020-05-12T03:05:08","modified_gmt":"2020-05-12T11:05:08","slug":"hff-arranges-210m-financing-for-national-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-arranges-210m-financing-for-national-retail-portfolio\/","title":{"rendered":"HFF Arranges $210M Financing for National Retail Portfolio"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"Kevin<\/a>

Kevin MacKenzie, HFF<\/p><\/div>\n

Phoenix<\/strong> and Dallas<\/strong>\u2014HFF<\/a> has arranged a total of $210 million in first lien financing for Westwood Financial Corp.<\/a>, secured by 10 retail centers totaling roughly 974,000 square feet in Arizona, California, Kansas, North Carolina and Texas, HFF announced late last week.<\/p>\n

The two new loans comprise a substantial chunk of Westwood\u2019s restructuring<\/a> of 77 of is 120 retail center<\/a> holdings (representing more than 280 entities), plus its management company, into a single $1.2 billion retail real estate company, operating as Westwood Financial. In an announcement about 10 days earlier, Westwood co-CEOs Joe Dykstra and Randy Banchik had highlighted \u201cmassively reduced complexity,\u201d easier access to capital and appeal to larger investors as major advantages from the reorganization.<\/p>\n

HFF advised Westwood Financial Corp. on new loans and transferring of loans as part of the $1.2 billion consolidation. In that process, HFF placed several new loans, including a 10-year, $110 million, fixed-rate portfolio loan with a correspondent life company and a $100 million senior credit facility with Wells Fargo Bank\u2019s Real Estate Capital Markets Group. HFF will service the former.<\/p>\n

\u201cHFF has represented us on more than 40 loans for our affiliates over the last four years,\u201d Dykstra said in a prepared statement. These latest two loans had to fund the same day as the closing consolidation, added Dykstra, who called the execution \u201cflawless.\u201d<\/p>\n

\u201cThe life company provided a low-cost, long-term, fixed-rate option using a forward rate lock, and Wells Fargo provided the flexibility needed to bridge assets into a strategic credit facility including a go forward solution on additional assets,\u201d stated HFF Senior Managing Director Kevin MacKenzie. \u201cIt was a great introduction for Westwood to a new lending relationship with the life company and a new credit facility with Wells Fargo.\u201d<\/p>\n

The complex closing process, MacKenzie explained, include \u201cmultiple assets, a newly formed sponsorship entity and creative solutions for the extended timeline to close.\u201d<\/p>\n

The $110 million loan covers six assets that are 91 percent leased overall:<\/p>\n