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This Retail Outlet Scored $165M Loan

By Tony Seruga

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The retail property has one-half mile of frontage along Interstate 95 and direct access from the highway at Exit 71.

MIAMI—Palm Beach Outlets, a 459,633-square-foot, open-air outlet center in West Palm Beach, FL, has secured a $165 million loan. The loan collateral also includes land for the future development of 105,000 additional square feet ofretail space.

HFF worked on behalf of the borrower, New England Development and a commingled fund managed byClarion Partners, to secure the long-term, fixed-rate loan through Cornerstone Real Estate Advisers, acting on behalf of an institutional client. Loan proceeds were used to acquire the property.

Completed in February 2014, Palm Beach Outlets includes eight small retail buildings surrounding two larger retailstructures in a racetrack design layout plus 3,182 parking spaces and five out-parcels. One is yet-to-be-developed…

This Retail Outlet Scored $165M Loan

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