January 30, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $7 million financing for Burnsville Market, a 137,396-square-foot, Club Foods-anchored retail center in the Minneapolis community of Burnsville, Minnesota.
The HFF team worked on behalf of the borrower, Sterling Organization, to place the three-year, fixed-rate bridge loan with RGA Reinsurance Company. Loan proceeds will be used to implement the borrower’s redevelopment plans.
Situated on 16.49 acres at 1750 County Road 42 West, Burnsville Market is in the heart of the dominant retail corridor that serves the southern Minneapolis MSA. The center’s excellent visibility exposes it to more than 183,000 vehicles per day, and more than 69,000 residents earning an average annual household income of $87,497 live within three miles of the property.
The HFF debt placement team included senior managing director Chris Drew, senior director Nat Scarmazzi and associate Matthew McCormack, along with managing director Jules Sherwood, a licensed Minnesota real estate broker.
“The Sterling Organization purchased the asset opportunistically and will begin to reposition the center to capitalize on the phenomenal market fundamentals and stellar demographics,” Scarmazzi said. “RGA understands the market and, more importantly, the quality of the sponsorship, which allowed them to execute in a compressed closing timeline.”