Dealmaker: HFF Arranges $273M for Condominium, Retail Properties

Holliday Fenoglio Fowler, Houston, arranged $272.5 million for condominium and retail properties in New York, Florida and Texas.

In New York, a debt-placement team led by HFF Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti and Director Geoff Goldstein arranged $156 million in construction financing for Phase II of The Ritz-Carlton Residences on Long Island. 

The Ritz-Carlton Hotel Co. manages the 16-acre condominium property 20 miles east of Midtown Manhattan. It offers hotel-style services including concierge, doormen, porters, dog-walking services and housekeeping. 

Working for RXR Realty, Uniondale, N.Y., HFF placed the construction loan with ACORE Capital, New York. Tepedino said HFF previously secured construction financing for the project’s first phase in 2013. Those 120 units are now more than 90 percent sold.

HFF also arranged $84 million in financing for Primera Towers I-V, a five-building office park totaling 772,000 square feet in Lake Mary, Fla. near Orlando. Senior Managing Director Ed Coco and Senior Real Estate Analyst Matt Casey secured the funds through JPMorgan Chase Bank. 

Parmenter Realty Partners, Miami, and an institutional equity partner used the loan proceeds to acquire the property.  

“Primera Towers provides an excellent core-plus investment opportunity,” Coco said. “The well-occupied office park offers a combination of cash flow stability and the opportunity to capitalize on continued strength in the Lake Mary submarket, while the attractive financing offered by JP Morgan was well structured and will be instrumental in the overall success of the venture.”

In Denton, Texas, HFF arranged $32.5 million in acquisition financing for Rayzor Ranch Marketplace, a 641,000-square-foot, fully-leased retail power center. Fidelis Realty Partners recently purchased the asset from RED Development, Dallas.

HFF Senior Managing director Jim Curtin placed the 10-year fixed-rate loan with Sentinel Asset Management, Montpelier, Vt. He said HFF will service the loan.

Built in 2008 as part of the 412-acre Rayzor Ranch mixed-use development, Rayzor Ranch Marketplace is a fully leased outdoor shopping center.