HFF announced that it has secured $11.8 million in financing for a 65,000 s/f freestanding ShopRite supermarket in Albany, New York.
Working exclusively on behalf of The Hampshire Companies, HFF placed the seven-year, fixed-rate loan with a life insurance company. Loan proceeds were used to acquire the property.
Constructed in 2012, the property is fully leased to Wakefern Corporation, who operates the ShopRite supermarket. The store is located at 711 Central Avenue close to Interstate 90 in northwest Albany.
The HFF team representing The Hampshire Companies was led by director Michael Klein and senior managing director Jon Mikula.
“The rate was originally locked 12 months ago as a forward commitment,” said Klein. “This enabled the borrower to take the interest rate risk off the table while they completed this complex acquisition structure.”