Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the acquisition and renovation of Seneca Place, a 41,310-square-foot retail strip center and outparcel pad located in Charlotte, North Carolina.
The HFF team worked on behalf of the borrower, Charlotte-based New Forum, to place the floating-rate loan with Ready Capital Structured Finance.
Seneca Place comprises a 34,710-square-foot retail strip center and a 6,600-square-foot outparcel pad that features a diverse mix of tenants. Through a thoughtful renovation plan, New Forum plans to increase occupancy by attracting a contemporary tenant mix that will reposition the property as experiential retail. Situated on 4.21 acres at 5033 South Boulevard, Seneca Place in the heart of the rapidly growing Madison Park, Montclaire and Archdale communities and is approximately three miles northwest of South Park and seven miles south of Uptown Charlotte. More than 91,700 residents earning an average household income of $103,279 live within a three-mile radius of the center.
The HFF debt placement team representing the borrower consisted of senior director Cory Fowler.
About New Forum
Founded by Charles Hodges and Gene Bodycott, New Forum is a diverse company that specializes in development, operations and leasing. In 1994, Charles and Gene had a vision of sustainable developments with an emphasis on place-making. Based in Charlotte, North Carolina, New Forum currently develops, manages and operates a portfolio that includes commercial mixed-use, hospitality, medical, multifamily and senior living communities. Considered experts in asset management, property management, food and beverage, multi-family and senior living operations, New Forum’s portfolio consists of more than 20 projects, each exhibiting an efficient use of resources and sensitivity to the issues of maintenance and management. With over $360 Million of office, retail, residential and special use projects, New Forum has become Charlotte’s leading provider of sustainable master-planned developments, focusing on urban mixed-use and senior living communities. Visit https://www.newforum.net for more information.
About Ready Capital Structured Finance
Ready Capital Structured Finance (RCSF) is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. RCSF is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 - $50 million and portfolios greater than $50 million. RCSF is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC (https://www.waterfallam.com).
About HFF
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. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
