Dealmaker: HFF Arranges $128M for Mixed Assets

HFF, Houston, arranged $128.2 million for assets in Phoenix, Philadelphia and Pensacola, Fla.

In Phoenix’s central business district, HFF Senior Managing Directors Jeremy Womack and Tom Wilson secured $50.6 million for US Bank Center, a 31-story Class A office tower with ground-floor retail.

The borrower, a partnership between ScanlanKemperBard Cos., Portland, Ore., and Värde Partners, Minneapolis, to secure the three-year, floating-rate loan through Walton Street Real Estate Debt Fund I.

The 359,000-square-foot US Bank Center tower at 101 N. 1st Avenue underwent a renovation in 2013 and is currently 63 percent occupied. The property is the second-tallest building in Arizona.

HFF also arranged $65 million in equity and debt for The Hamilton, an apartment property under development in Philadelphia. When completed next year, The Hamilton will house 279 rental units in its 10 stories.

Working for developer Radnor Property Group, Wayne. Pa., HFF Managing Directors Ryan Ade, Rob Hinckley and David Giancola and Associate Director Michael Pagniucci arranged both construction financing and preferred equity. They sourced a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company. 

In Pensacola Beach, Fla., HFF Director Jeff Bucaro and Associate Nicole Schmidt secured $12.6 million in acquisition and repositioning financing for the Days Inn Hotel, a 123-room beachside asset.

Bucaro and Schmidt represented the borrower, a joint venture between RREAF Holdings, Dallas, and Innisfree Hotels, Gulf Breeze, Fla., to place the floating-rate loan with two one-year extension options with Benefit Street Partners Realty Trust, New York (formerly Realty Finance Trust).

Innisfree Hotels will be a partner in the hotel and will manage the property.

After renovations finish, the three-story hotel will have two outdoor pools, seven new guest rooms and beach access on Pensacola Beach’s Santa Rosa Island.