DENVER, CO – HFF announced today that it has arranged a $46 million financing for The Plaza at Delray, a 328,989-square-foot, grocery-anchored shopping center in Delray Beach, Florida.
Working exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, HFF placed the 10-year, 4.43 percent, fixed-rate loan with one of their correspondent lenders, Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America.
The Plaza at Delray is situated on 35.39 acres at the intersection of Linton Boulevard and South Federal Highway (US-1) north of Boca Raton. Renovated in 2002, the center is 97.9 percent leased and is anchored by Publix. Other major tenants include Marshalls, Ross Dress for Less, T.J. Maxx, CVS, Michaels, Anna’s Linens and ULTA Salon.
The HFF team representing the borrower was led by senior managing director Eric Tupler, director Chris Drew and real estate analysts Kristian Lichtenfels and Leon McBroom.
Heitman is a global real estate investment management 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 estate investment trust (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 June 30, 2013, the company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.2 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 June 30, 2013, the company's core operating portfolio was 95.1 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.com or follow HFF on Twitter at www.twitter.com/hff.