MIAMI, FL – HFF announced today that it has arranged a $13.4 million senior loan for Winter Haven Citi Centre, a 185,705-square-foot, power center located in Winter Haven, Polk County, Florida.
HFF worked exclusively on behalf of the borrower, Winter Haven Citi Centre, LLC, a partnership controlled by Schmier & Feurring Properties, Inc., and Independencia Asset Management, LLC to secure the 10-year CMBS loan.
Winter Haven Citi Centre is located at the intersection of Highway 17 and Avenue K, SW in Winter Haven, approximately 50 miles east of Tampa. The center is 96.8 percent leased to prominent national tenants including Macy’s, Belk, Staples and Pier One Imports. Redeveloped in 2000, the center is situated on a 29.55-acre site and is shadow anchored by a Lowe’s Home Improvement Store.
The HFF debt placement team representing the borrower was led by director Chris Drew and senior analyst Jose Carrazana.
“Despite the recent turbulence in the capital markets, it’s a great time to be a borrower. Lenders are aggressively pursuing quality assets and quoting rates that are well below historical averages,” said Drew.
HFF’s debt placement team secured more than $3.9 billion in financing for retail assets nationally in 2012. HFF closed more than $680 million in retail transactions across all capital markets platforms in the state of Florida during 2012.
For more than 30 years, Schmier & Feurring Properties (“S&F”) has built its reputation as one of the leading retail and office developers in South Florida. Since its first project in Boca Raton, Florida in 1981, S&F has developed more than three million square feet of retail, office, industrial and residential real estate throughout Florida and Michigan. Most recently, S&F and Independencia acquired three million square feet of industrial space in North Carolina. The success of recent projects including University Commons (Boca Raton, Florida), Wellington Green Commons (Wellington, Florida) and Gateway Center (West Bloomfield, Michigan) illustrate Schmier & Feurring Properties' expertise in retail development and commitment to quality.
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.com or follow HFF on Twitter at www.twitter.com/hff.
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