$100 Million Refinancing Secured by HFF for Fox Valley Mall near Chicago, Illinois

PITTSBURGH--()--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $100 million refinancing for Fox Valley Mall, a 1.4-million-square-foot super regional enclosed mall in the Chicago-area suburb of Aurora, Illinois.

HFF worked on behalf of a joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America to place the five-year loan with one 24-month extension option with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank NA.

In 2015, HFF assisted the partnership by arranging $308.4 million in acquisition financing for three shopping malls totaling 2.3 million square feet in Connecticut, Illinois and Washington in addition to facilitating transfers under the existing debt financing on two additional malls that the partnership was purchasing: Fox Valley Mall and MainPlace Mall in Santa Ana, California. The current financing proceeds were used to pay off the existing CMBS loan on Fox Valley Mall, which was assumed when the partnership purchased the property.

Fox Valley Mall is the only super regional mall in Aurora, one of the fastest-growing submarkets in the Chicago MSA. Ninety-three percent leased, Fox Valley Mall is home to national tenants, including H&M, Abercrombie & Fitch, Books-A-Million, Charming Charlie, American Eagle Outfitters, XXI Forever, Victoria’s Secret, Gap and Rue 21. Additionally, the mall has four anchors, Carson Pirie Scott, Macy’s, Sears and JCPenney. Fox Valley Mall is situated on 43.016 acres at 195 Fox Valley Center Drive equidistant between two of the largest suburban downtown areas in the Chicago MSA: Aurora and Naperville. The property is located along Interstate 88 approximately 35 miles from downtown Chicago.

HFF’s debt placement team was led by managing director Claudia Steeb, director Jim Curtin and real estate analyst Brandi Welsch along with managing director Timothy Joyce and associate director Christopher Knight.

About Centennial Real Estate Company

Centennial Real Estate Company is a real estate firm specializing in the investment, development and management of retail properties including neighborhood community centers, enclosed malls and urban mixed-use. Visit www.centennialrec.com for more information.

About Montgomery Street Partners

Montgomery Street Partners (MSP), an affiliate of Blum Capital Partners, is a real estate investment firm that makes controlling and non-controlling investments in real estate assets and real estate operating companies. MSP invests across all real estate product types and across domestic geographies. To learn more, visit www.montgomerystreetpartners.com.

About USAA Real Estate Company

USAA Real Estate Company, with over $17 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. The portfolio consists of office, industrial/logistics, multi-family, retail and hotel properties. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Contacts

HFF
CLAUDIA STEEB, (412) 281-8714
HFF Managing Director
csteeb@hfflp.com
or
JIM CURTIN, (214) 265-0880
HFF Director
jcurtin@hfflp.com
or
KRISTEN MURPHY, (617) 338-0990
HFF Director, Marketing
krmurphy@hfflp.com

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Release Summary

HFF announced today that it has secured a $100 million refinancing for Fox Valley Mall, a 1.4-million-square-foot super regional enclosed mall in the Chicago-area suburb of Aurora, Illinois.

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