Sep
26
HFF Arranges $210M Financing for National Retail Portfolio
ByThe two loans are part of Westwood Financial’s $1.2 billion reorganization plan.
Kevin MacKenzie, HFF
Phoenix and Dallas—HFF has arranged a total of $210 million in first lien financing for Westwood Financial Corp., secured by 10 retail centers totaling roughly 974,000 square feet in Arizona, California, Kansas, North Carolina and Texas, HFF announced late last week.
The two new loans comprise a substantial chunk of Westwood’s restructuring of 77 of is 120 retail center holdings (representing more than 280 entities), plus its management company, into a single $1.2 billion retail real estate company, operating as Westwood Financial. In an announcement about 10 days earlier, Westwood co-CEOs Joe Dykstra and Randy Banchik had highlighted “massively reduced complexity,” easier access to capital and appeal to larger investors as major advantages from the reorganization…
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