HFF arranges financing for portfolio of 154 convenience and gas station sites in the Northeast


DALLAS, TX Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the northeastern United States.

HFF worked on behalf of the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital–Real Estate, to secure the five-year, floating-rate acquisition loan with 18 months interest only.  The loan was provided by a consortium of lenders, led by Capital One and BMO Harris.

shell-emailThe portfolio properties comprise 88 sites in New York, 45 sites in Massachusetts and 11 sites in Connecticut.  Additionally, there are seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania.  All 154 properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group, a leading jobber and distributor of petroleum products and operator of convenience stores.

HFF’s debt placement team was led by senior managing director Andy Scott and associate director Michael George.

Crow Holdings Capital–Real Estate (CHC–Real Estate) is a prominent, North American-focused asset manager of private equity real estate funds.  Since 1998, CHC–Real Estate and CHC-affiliated entities have managed 10 funds with equity capital totaling approximately $6.7 billion, with which nearly $17.7 billion in assets have been acquired or developed.  CHC–Real Estate’s funds are designed to generate current income and benefit from the capital appreciation of portfolio investments.