October 16, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $69 million refinancing of Crossroads of Taylorsville, a 726,306-square-foot retail center with national, big-box anchors in the Salt Lake City-area community of Taylorsville, Utah.
The HFF team worked on behalf of the borrower, Dallas-based TriGate Capital, LLC, to place the three-year, floating-rate loan with NexBank. Loan proceeds will be used to refinance the current loan amount, provide capital for tenant improvements and leasing commissions to fully stabilize the asset and allow TriGate to complete its business plan.
Crossroads of Taylorsville is situated on 68.36 acres at 5400 South and Redwood Road in Taylorsville, which is about 10 miles south of downtown Salt Lake City. With approximately 104,000 vehicles per day, the 5400 South and Redwood Road intersection is the most trafficked intersection in Utah, and the property is also adjacent to Interstate 215, which exposes the center to an additional 92,000 vehicles a day. Crossroads of Taylorsville is home to Shopko, Jo-Ann, FYE, Ross Dress for Less, 24-Hour Fitness, PetSmart, Guitar Center, T.J.Maxx and a new Regal Cinemas, among other tenants. Additionally, the center is shadow anchored by a Harmons supermarket and a Starbucks. Completed in 1979, TriGate acquired the shopping center in 2014 and recently completed extensive renovations that added the Regal theater and attracted new national retailers and restaurants to the submarket.
The HFF debt placement team representing the borrower consisted of managing director Jim Curtin.