June 21, 2019
HFF arranges $37.5M financing for Raleigh-area power center
CHARLOTTE, NC – HFF announces that it has arranged $37.5 million in acquisition and renovation financing for Beaver Creek Crossing, a 320,629-square-foot retail power center in the Raleigh-area community of Apex, North Carolina.
HFF worked on behalf of the borrower, a partnership between Collett Capital and Long Warf Capital, to place the five-year, floating-rate loan with MetLife Real Estate Investments.
Completed in 2005, Beaver Creek Crossing is 96.3% leased to a strong line-up of national and regional tenants, including T.J.Maxx/HomeGoods, Regal Beaver Creek, Dick’s Sporting Goods, Old Navy, Five Below, and Ulta Beauty. The center is situated on 51.6 acres at 1479 Beaver Creek Commons Drive proximate to Highway 64 and Highway 540 (Triangle Expressway) in Apex, a rapidly growing Wake County community located southwest of Raleigh and known for its favorable, affluent demographics and high levels of home ownership The center serves as the premier retail hub for the surrounding residential communities and has a back entrance connecting the center to the dense residential population to the south. More than 109,000 residents earning an average annual household income of $132,000 live within a five-mile radius of the center.
The HFF debt placemen team representing the borrower was led by senior managing director Travis Anderson and senior director Cory Fowler.