DENVER, CO – HFF announced today that it has arranged a $22 million financing for Chester Springs Shopping Center, a 223,068-square-foot, grocery-anchored shopping center in Chester, New Jersey.
Working exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, HFF placed the three-year loan with a national bank, at a floating interest rate of LIBOR plus 175 basis points.
Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue in downtown Chester. The center is 96.6 percent leased and is anchored by ShopRite, the dominant New Jersey grocer. Other major tenants include Marshalls, Staples and CVS.
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Jon Mikula and real estate analysts Kristian Lichtenfels and Michael Cerulo.
Heitman is a global real estatemanagement firm with $27.1 billion in assets under management. The firm focuses on three lines of business: private real estate equity, public real estate securities and real estate debt. Heitman’s clients include public and corporate pension funds, endowments and foundations, and private investors.
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estatetrust (REIT) based in Farmington Hills, Michigan. The company's business is the ownership and management of multi-anchor shopping centers in strategic metropolitan markets throughout the Eastern, Midwestern and Central United States. At September 30, 2013, the company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.3 million square feet of gross leasable area owned by the company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland and Tennessee. At September 30, 2013, the company's core operating portfolio was 95.6 percent leased.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.