HFF Secures $46 Million Financing For Delray Retail Plaza

HFF has arranged a $46 million financing for The Plaza at Delray, a 328,989-square-foot, grocery-anchored shopping center in Delray Beach.
Working exclusively on behalf of Heitman and Ramco-Gershenson Properties Trust, HFF placed the 10-year, 4.43 percent, fixed-rate loan with one of their correspondent lenders, Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America.
The Plaza at Delray is situated on 35.39 acres at the intersection of Linton Boulevard and South Federal Highway (US-1) north of Boca Raton.  Renovated in 2002, the center is 97.9 percent leased and is anchored by Publix.  Other major tenants include Marshalls, Ross Dress for Less, T.J. Maxx, CVS, Michaels, Anna’s Linens and ULTA Salon.
The HFF team representing the borrower was led by senior managing director Eric Tupler, director Chris Drew and real estate analysts Kristian Lichtenfels and Leon McBroom.