Dealmaker: HFF Arranges $86M For Office, Mixed-Use Assets

Holliday Fenoglio Fowler, Houston, arranged $85.6 million for 1333 Broadway in Oakland, Calif. and General Assembly in Charlotte, N.C.

In Oakland, Swift Real Estate Partners, San Francisco, received $93 million in acquisition financing for 1333 Broadway, a 253,500-square-foot Class A office building. A Brookfield Asset Management affiliate supplied the floating-rate loan.

1333 Broadway borders the 12th Street City Center Bay Area Rapid Transit station within walking distance of Uptown Oakland. Major tenants at the 95 percent leased office tower include Delta Dental and the Teecom Design Group architecture firm.

Swift Real Estate Partners Director David Copeland noted the area around 1333 Broadway is seeing a substantial transformation with 1,500 new residential units and corresponding ground-floor retail under construction within three blocks.

The HFF debt placement team that arranged the financing included Managing Directors Jordan Angel and Mark Root. Jacobus Machalow, partner with law firm Orrick, provided Swift Real Estate Partners’ legal representation.

HFF also arranged $22.6 million in financing for General Assembly, a 124,000-square-foot mixed-use adaptive-reuse project in Charlotte, N.C. HFF represented borrower Artesia Real Estate, Austin, Texas, and secured the five-year floating-rate bridge loan through Ready Capital National Bridge Team, New York. Loan proceeds refinanced the acquisition loan and provided capital for property improvements.

General Assembly is a redevelopment of the longtime home of the City North Business Center, which dates to the 1930s. Due for completion in fourth quarter 2020, the project will include new construction alongside vintage architecture and will encompass 100,000 square feet of Class A collaborative office space and 24,000 square feet of retail and brewery space.

The new development will occupy 8.1 acres along North Tryon Street in Charlotte’s rapidly growing NoDa/North End submarket, which is an Opportunity Zone and Catalyst site. The property is close to Uptown Charlotte, multiple breweries and restaurants, the Blue Line extension and adaptive re-use projects such as Camp North End.

HFF’s debt placement team included Senior Managing Director Doug Opalka, Managing Director Robert Wooten and Senior Director Cory Fowler.