Wednesday, April 8, 2015

Brandolini Companies Refinances Glen Mills Retail Center

by Steve Lubetkin,

HFF arranged $60 million in financing for Concordville Town Centre, a 397,188-square-foot, Home Depot- and Acme Markets-anchored retail center in Glen Mills, PA.  

HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate mortgage with an institutional insurance company.  The loan will be used to repay existing indebtedness.

The 99.3-percent-occupied Concordville Town Centre consists of 12 buildings and one pad site leased to Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s along with anchors Home Depot and Acme Markets.  Additionally, Target shadow-anchors the center.  The 69-acre property at 101 Byers Drive is near the intersection of Routes 1 and 322.  Within one mile of the property, there has been a 100-percent increase in growth over the last 10 years and, currently, there are several new multi-housing and medical office developments that will further increase the residential and daytime populations proximate to the center.

Managing director Ryan Ade led the HFF team representing the borrower.

“Brandolini Companies engaged HFF on an exclusive basis in order to find the best available rate and terms in the permanent mortgage space for one of their premier, core assets,” says Ade.  “With benchmark treasury rates running near all-time lows, lender interest in a financing of this size was very high and allowed Brandolini to benefit in the form of low borrowing costs and flexible terms.”

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