Texas-based commercial real estate company HFF announced today it has secured $22 million financing for grocery-anchored retail center in Chester.
According to the announcement, HFF worked exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, to place the three-year loan with a national bank, at a floating interest rate of LIBOR plus 175 basis points.
Chester Springs Shopping Center is located on more than 20 in downtown Chester. The center is 96.6 percent leased and is anchored by ShopRite. Other major tenants include Marshalls, Staples and CVS. The HFF team representing the borrower was led by senior managing directors Eric Tupler and Jon Mikula and real estate analysts Kristian Lichtenfels and Michael Cerulo. Heitman is a global real estate investment management firm with $27.1 billion in assets under management.