Dealmaker: HC Real Estate Capital Arranges $18M in Alabama, Florida

HC Real Estate Capital, Delray Beach, Fla., arranged $18 million for an Alabama retail center and a Delray Beach mixed-use property.

HC Partners Chris Caveglia and Kurt Hoffmann secured $13.6 million in bridge financings for University Place Shopping Center in Huntsville, Ala. An institutional bridge lender provided the three-year loans. 

Built in 1989, the 168,000-square-foot community center’s tenants include Panda Express, Zaxby’s and Nothing But Noodles restaurants. WHNT in Huntsville reported that developer Mark Gold purchased the property last May with plans to attract 13 new tenants.

Caveglia said more than 68,000 cars drive by University Place every day and Cummings Research Park, the second-largest research park in the U.S., is nearby. “This loan will provide the borrower the opportunity to carry out their plan to renovate the center and lease up the vacancy,” he said.

Caveglia and Hoffmann also arranged $4.4 million for the mixed-use property at 331 East Atlantic Avenue in Delray Beach. The fully leased two-story mixed-use building hosts two retail tenants, Bank United and Peter Mark Salon, and eleven rental apartments totaling 12,800 square feet.

Hoffmann and Caveglia arranged the fixed-rate financing through a regional bank.

In December HC Real Estate Capital arranged $23 million for Amtec Center, an office park in Boca Raton, Fla. The seven-year loan from a regional lender replaced a maturing facility on the property. Amtec Center includes seven one- and two-story multi-tenant office buildings totaling 289,000 square feet.