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West Palm Beach, Fla. — Holliday Fenoglio Fowler L.P. has arranged $165 million in financing for Palm Beach Outlets, a 459,633-square-foot open-air outlet center in West Palm Beach.
The loan collateral included land for the future development of 105,000 additional square feet of retail space. Riaz Cassum and Chris Dew of HFF worked on behalf of the borrower, New England Development and a comingled fund managed by Clarion Partners, to secure the long-term, fixed-rate loan through Cornerstone Real Estate Advisors LLC, acting on behalf of an institutional client. Loan proceeds were used to acquire the property, which is anchored by Saks Off 5th Avenue and 95.8 percent leased to 120 additional tenants.