, TX – HFF announced today that it has sourced a $105 million secured credit facility for N3 Real Estate backed by a portfolio of more than 50 net-leased retail assets. The properties are predominantly single-tenant, triple net lease assets in various cities across the United States.
HFF worked on behalf of N3 Real Estate to secure the $105 million financing through a bank syndicate including KeyBank Real Estate Capital, Regions Bank and Comerica Bank. Key Bank served as the administrative agent and lead arranger with Regions serving as syndication agent. The transaction included a $60 million term loan and a $45 million revolver. The facility will allow N3 to grow its portfolio significantly in the future.
The initial portfolio is 100 percent occupied with an average remaining lease term of more than 11 years. Furthermore, the portfolio’s tenant profile is approximately 35 percent investment grade.
The HFF team representing the borrower was led by managing director Travis Anderson and De’On Collins.
N3 Real Estate (Southlake, TX) owns, manages and develops net-leased retail assets across the United States. Founded in 2004, N3 has developed more than 200 single and multi-tenant retail projects for national and local retailers across the United States. Today, N3 owns and manages more than $200 million of retail assets with an additional $250 million available for investment.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.com or follow HFF on Twitter at www.twitter.com/hff.