HFF Announces $105M Refinancing for Regional Retail Mega-Center in Tyler, Texas
Sep. 05, 2018
DALLAS--(BUSINESS WIRE)--Sep 5, 2018--Holliday Fenoglio Fowler, L.P. (HFF) announces the $105 million refinancing for The Village at Cumberland Park, a 649,636-square-foot, Class A, regional retail mega-center in Tyler, Texas.
The HFF team worked on behalf of the borrower, a partnership led by The Retail Connection, to place the 36-month, floating-rate loan with Bank of America. Loan proceeds will be used to refinance the property.
The Village at Cumberland Park currently comprises 14 buildings leased to prominent tenants, including Bed Bath & Beyond, Cost Plus World Market, Nike, Bath & Body Works, Burlington, Studio Movie Grill, T.J.Maxx, H&M, Old Navy and more. Construction began in 2014 with one small phase left to be completed this year, taking the center to more than 700,000 square feet and making it one of the largest retail shopping centers in North Texas. Situated at the intersection of Broadway Avenue and the new TX-Loop 49 Toll Road, the center is positioned in the middle of the East Texas trade area surrounded by the growing Tyler market. Tyler, one of the most sought-after secondary markets in Texas, is between Dallas and Shreveport and located 97 miles from each. Serving its role as the central focal point of East Texas, Tyler’s daytime trade area population is estimated at over 678,000 people.
The HFF debt placement team representing the borrower consisted of senior director Jim Curtin. HFF worked in conjunction with Joseph Monteleone, a principal of Q10 | Triad Capital Advisors.
About The Retail Connection
With an exclusive focus on retail and retailers, The Retail Connection navigates its clients through the real estate market with unmatched industry knowledge, experience, relationships and a total commitment to their success. The company’s primary objective is to continually create value for its clients by helping them maximize the connection with their customers. The Retail Connection’s core focus is and always will be driving the expansion plans of its retail clients. Everything the company does serves to extend the reach of its real estate programs. The Retail Connection’s ultimate objective is to make sure that the company is there to provide the connection at every point where retail and real estate come together. Learn more at http://www.theretailconnection.net.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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Jim Curtin, (214) 265-0880
HFF Managing Director
Kimberly Steele, (713) 852-3420
HFF Digital Content/Public Relations Specialist
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: DEPARTMENT STORES PROFESSIONAL SERVICES BANKING FINANCE RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER RETAIL
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PUB: 09/05/2018 04:17 PM/DISC: 09/05/2018 04:17 PM