HFF Arranges $11.35M Bridge Financing on Behalf of Denholtz Associates for Light Industrial Complex in St. Petersburg, Florida

8/14/17

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has worked on behalf of Denholtz Associates to arrange $11.35 million in interim financing for Pinellas Business Center, a 205,032-square-foot light industrial complex in St. Petersburg, Florida.

HFF worked on behalf of the owner, Denholtz Associates, to place the three-year, floating-rate loan with a fund managed by global credit manager Marathon Asset Management, L.P. Loan proceeds will be used to complete the capital improvement and leasing plan instituted by Denholtz Associates.

Completed between 1985 and 1986, Pinellas Business Center comprises six one-story buildings leased at closing to a variety of tenants, including IDEXX Reference Labs, NDH, Sensidyne, Symphoni Group, Litewave Media, Pan Medical and Curant Health. The center features floor plates ranging in size from 15,412 to 65,221 square feet, clear heights between 16 and 18 feet, 65 percent office finish, 48 overhead loading doors at the rear of each building and dock-high loading doors in two of the buildings. Pinellas Business Center is situated on 23.23 acres at 1000 112th Circle North in the northern part of St. Petersburg along Roosevelt Boulevard (Route 686) with immediate access to Interstate 275 and Gandy Boulevard. Additionally, the center is 4.3 miles from the St. Petersburg-Clearwater International Airport and 15.5 miles from the Port of Tampa, the area’s largest port.

The HFF team was led by managing director Michael Klein, director Preston Reid and senior managing director Jon Mikula.

“Denholtz Associates had numerous leases in play that would stabilize the property prior to closing, but needed a little more time for them to come to fruition,” Klein said. “As a result, HFF was able to secure an interim loan that would provide the borrower with the flexibility it needed to finalize its business plan and address the looming maturity of its existing loan. Marathon excels at loans with strong in-place cash flow and a short closing time frame. They were great to work with and were able to close the loan in approximately 30 days.”

“Taking advantage of opportunistic financing and refinancing of assets in our portfolio is a crucial piece of the Denholtz investment strategy,” said Stephen Cassidy, President of Denholtz Associates. “At the current low interest rates, we saw an opportunity to secure refinancing on the Pinellas Business Center that would enable us to lock in more favorable financing while providing us with the cashflow needed to continue with important tenant improvements. Our commitment to improving the property will ensure that it remains an in-demand location for tenants and a valuable piece of our multi-tenant, risk-adjusted investment strategy for years to come.”

About Denholtz Associates

Denholtz Associates is a privately held, fully integrated real estate development, investment and management company with more than 60 years of commercial real estate experience. Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners. Specializing in adaptive reuse and utilizing its substantial in-house operational capabilities and extensive knowledge of targeted locations, Denholtz capitalizes on unique opportunities in the marketplace. Additional information for Denholtz Associates is available online at http://www.denholtzassociates.com/.

About HFF

Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

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