TIAA-CREF Lends $248M Against Texas Retail Portfolio
Florida-based Global Fund Investments landed a $247.5 million loan from TIAA-CREF to refinance a 20-property retail portfolio in Texas, sources told Commercial Observer.
HFF Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti and Director Cameron Cureton arranged the loan, which is replacing existing debt that was securitized in the commercial mortgage-backed securities market. The new financing package closed on Dec. 31, 2015, and carries a fixed rate over a long term, but no further details were disclosed.
“TIAA-CREF provided a comprehensive financing solution to facilitate the recapitalization of a complicated 20-property portfolio,” Mr. Gigliotti said in prepared remarks. “GFI brings an impressive depth of experience and high level of institutional quality to the table, which attracted the lender to the transaction.”
Twelve of the retail centers are in Houston, seven are in Dallas-Forth Worth and one is in San Antonio. The portfolio includes Village at Blanco at 1130 North Loop 1604 West in San Antonio; Benchmark Crossing at 5757 Hollister Street and Copperfield Crossing at 15540 Highway 529 in Houston; and Creekside Plaza at 2400 SE Green Oaks Boulevard in Arlington.
A spokeswoman for TIAA-CREF declined to comment. A representative for GFI did not respond to requests for comment.