LOS ANGELES--(BUSINESS WIRE)--
HFF announces the $160 million ($5,691 per square foot) refinancing for a 28,114-square-foot, high-street retail property on Beverly Hills’ iconic Rodeo Drive.
The HFF team worked on behalf of the borrower, a private owner, to place the 10-year, fixed-rate loan with an entity managed by an affiliate of Apollo Global Management, LLC.
Rodeo Drive is one of the world’s premier retail destinations and is the top consumer retail destination on the West Coast of the United States. Benefiting from immense barriers to entry and one of the most coveted retail addresses in the world, the fully leased, two-story property is home to TOM FORD, Bally and Balenciaga, three of the most iconic fashion designers in the world. Situated on a double lot at 338-346 North Rodeo Drive, the building is in the middle of the premier 300 block and directly across the street from the flagship Gucci store.
The HFF debt placement team representing the borrower included managing director Marc Schillinger.
“The debt capital markets are extraordinarily dynamic today,” Schillinger said. “By running a comprehensive marketing process with a client that mandated us to exclusively negotiate on their behalf, we were able to obtain competitive options from banks, conduit and portfolio lenders before ultimately moving forward with an insurance company that was able to provide the most compelling terms and pricing available.”
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.