Pittsburgh — Pittsburgh-based HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas stations totaling 97.8 acres located in the Northeast.
Andy Scott and Michael George of 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. A consortium of lenders led by CapitalOne and BMO Harris provided the loan.
The majority of the portfolio is located in New York and Massachusetts, with the balance found in Connecticut, New Hampshire, Rhode Island and 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.