Dealmaker: HFF Arranges $104M

Holliday Fenoglio Fowler, Houston, arranged $104.3 million for office, hotel and retail properties in three states.

In Manhattan’s Meatpacking District, HFF Senior Director Peter Rotchford, Managing Directors Chris Peck and David Giancola and Analyst Kristen Knapp arranged a $39.6 million construction loan for 76 8th Avenue, a 10-story, 34,400-square-foot speculative office building.

Working with borrower Noviprop LLC, New York, and co-developer Plus Development, Los Angeles, the team placed the construction loan with G4 Capital Partners, Roslyn, N.Y.

Scheduled for delivery next summer, 76 8th Avenue will include ground-floor retail, nine floors of office space and a common roof deck for tenants.

Noviprop acquired the site on Manhattan’s West Side in the early 1980s.

HFF also arranged a $39.2 million refinancing for the 366-room full-service hotel Hilton Lexington Downtown and an adjacent parking garage in Lexington, Ky.

The HFF team represented a fund affiliated with The Madison Cos., New York, and placed the three-year floating-rate loan with two one-year extensions with a national lender. Loan proceeds retired an existing commercial mortgage-backed securities loan and also funded a multi-million-dollar planned property improvement plan, which will include adding three rooms to the hotel and completely renovating guestrooms, the lobby, food and beverage outlets along with upgrades to the meeting space.

The Madison Cos. acquired the hotel in 2014 and repositioned the property into a full-service property. Hilton Lexington Downtown includes 20,000 square feet of meeting space and nearly 4,000 square feet of retail space adjacent to the Lexington Convention Center, Rupp Arena and the recently developed Triangle Park.

HFF Senior Managing Director Eric Tupler and Associate Tyler Dumon led the debt placement team.

In Woodbridge, N.J., HFF arranged $25.5 million in acquisition financing for 285,200-square-foot power center Woodbridge Crossing. Managing Directors Michael Klein and Rob Hinckley represented borrower PAG Investments, New York, and placed the five-year, fixed-rate loan with Citizens Bank, Providence, R.I.

Completed in 2001 and renovated in 2018, Woodbridge Crossing’s tenants include Burlington Stores, Big Lots and Planet Fitness. The center occupies 19 acres in the North Edison/Woodbridge Retail submarket adjacent to the intersection of U.S. Routes 1 and 9, exposing it to 85,000 vehicles per day. More than 136,700 residents earning an average annual household income exceeding $93,000 live within three miles.