BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced a $75 million refinancing for Warwick Mall, a 978,659-square-foot, super regional mall in Warwick, Rhode Island.
The HFF team worked on behalf of the borrower, a joint venture between Bliss Properties, Mark T. Brennan & Co. and the Lane Family Trust, to secure the 10-year, fixed-rate loan through Bank of America.
Originally developed in the 1970’s, the Warwick Mall was renovated in 2011 and is currently leased to 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney. Additionally, the mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces on the 70-acre site.
Located at 400 Bald Hill Road at the intersection of Interstates 95 and 295, the Warwick Mall offers superior access and is positioned 10 miles south of downtown Providence. The mall has a daily traffic count of 210,000 vehicles per day and serves a population of more than 550,000 people within a 10-mile radius.
The HFF debt placement team representing the borrower included senior director Jennifer Keller and associate Andrew Gray.
“The Warwick Mall continues to demonstrate exceptional performance as a result of its strong tenancy, strategic location and attentive management team,” said Keller. “This financing strengthened a long-standing relationship with Bank of America and was an ideal long term strategy for the generational ownership team.”