Holliday Fenoglio Fowler, L.P. (HFF) announces the $7.1 million acquisition financing of Belleair Bazaar, a 41,944-square-foot retail center in the Tampa Bay-area community of Belleair Bluffs, Florida
The HFF team worked on behalf of the borrower, Cardinal Point Management, LLC, to secure the bridge loan through Ready Capital Structured Finance, which was structured as a combination of a fixed and floating facility.
Belleair Bazaar is located at 2901 West Bay Drive in Belleair Bluffs, Florida, which is a waterfront-community south of Clearwater and west of Tampa. The West Bay Drive location places the retail center on the main entry to Belleair Beach and Belleair Shore. Main tenants at the property include: Bonefish Grill, Coldstone Creamery, FBC Mortgage, Belleair Jewelry, LabCorp and Westshore Pizza.
The HFF debt placement team included senior managing director Chris Drew and director Brian Gaswirth.
“Cardinal Point Management has identified a strategic property located along West Bay Drive, which is the main retail corridor in Belleair Bluffs,” Gaswirth said. “Ready Capital Structured Finance was ultimately selected due to their unique ability to offer a combination of fixed and floating facilities, which will allow Cardinal Point the ability to renovate and reposition the property.”
About Cardinal Point Management, LLC
Cardinal Point Management, LLC is a Tampa Bay investment and property management firm focused on commercial real estate opportunities in the state of Florida. Cardinal Point seeks enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic situations in commercial and residential real estate. Cardinal Point subsequently seeks to make investments in these “value-add” opportunities where the firm’s property management platform is a key cornerstone of successful strategy execution. Visithttp://www.cardinalpointmanagement.com for more information.
About Ready Capital Structured Finance
Ready Capital Structured Finance (RCSF) is a nationwide commercial real estate bridge and mezzanine lender offering non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. RCSF is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 and $50 million and portfolios greater than $50 million. RCSF is a division of a subsidiary of Sutherland Asset Management Corporation (NYSE "SLD"), a full-service real estate finance company externally managed by Waterfall Asset Management, LLC. Learn more at http://rclending.com.
About HFF
HFF and its affiliates operate out of 26 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
