LOS ANGELES—HFF announced the $160 million ($5,691 per square foot) refinancing for a 28,114-square-foot, high-street retail property on Beverly Hills’ iconic Rodeo Drive.
The HFF team worked on behalf of the borrower, a private owner, to place the 10-year, fixed-rate loan with an entity managed by an affiliate of Apollo Global Management, LLC.
Rodeo Drive is one of the world’s premier retail destinations and is the top consumer retail destination on the West Coast of the United States. Benefiting from immense barriers to entry and one of the most coveted retail addresses in the world, the fully leased, two-story property is home to TOM FORD, Bally and Balenciaga, three of the most iconic fashion designers in the world. Situated on a double lot at 338-346 North Rodeo Drive, the building is in the middle of the premier 300 block and directly across the street from the flagship Gucci store.
The HFF debt placement team representing the borrower included managing director Marc Schillinger.
“The debt capital markets are extraordinarily dynamic today,” Schillinger said. “By running a comprehensive marketing process with a client that mandated us to exclusively negotiate on their behalf, we were able to obtain competitive options from banks, conduit and portfolio lenders before ultimately moving forward with an insurance company that was able to provide the most compelling terms and pricing available.”