HFF Secures $18.65 Million Financing For 7-Building Mixed-Use Property

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.65 million in financing for Hannibal Square II, a seven-building, 95,886-square-foot, Class A mixed-use property in Winter Park. HFF worked exclusively on behalf of the borrower, Owens Realty Capital, to place the 10-year, fixed-rate acquisition loan with an undisclosed lender. HFF previously arranged a $10.32 million financing for Owens Realty Capital’s first Hannibal Square-area acquisition in late 2014. With this second acquisition, Owens Realty Capital now owns nearly two city blocks of mixed-use buildings adjacent to Winter Park’s affluent Park Avenue shopping district. Palmer Vietor of Owens Realty Services represented Owens Realty Capital on both Hannibal Square transactions. The assemblage of seven buildings is situated along West New England and West Welbourne Avenues between South Pennsylvania and South Virginia Avenues. Constructed between 1945 and 2005, the buildings encompass 30,079 square feet of retail and 14,572 square feet of office space, which is nearly 100 percent leased to a variety of tenants including restaurants, upscale salons, interior design studios and home furnishing retailers. The property also has a 72-unit residential component totaling 51,235 square feet that is 100 percent leased. The HFF debt placement team representing the borrower was led by director Michael Weinberg.  

”This was an aggregation strategy of premier Winter Park real estate for the Owens Realty Capital team,” said Weinberg. “Now that they control the majority of the Hannibal Square district, they will be able to drive rents especially as they turn and renovate the multi-housing units.”

 

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