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TIAA-CREF provides $248m to refinance Texas retail portfolio

Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) has provided a $247.5 million loan to refinance 20 retail properties comprising 2.1 million sq ft in Houston, Dallas and San Antonio, Texas.

Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) has provided a $247.5 million loan to refinance 20 retail properties comprising 2.1 million sq ft in Houston, Dallas and San Antonio, Texas.

The borrower, Global Fund Investments, LLC (GFI), will use the loan proceeds to refinance existing debt and recapitalize the properties.

Norman
Norman

The portfolio includes twelve retail centers in Houston, seven in Dallas-Fort Worth and one in San Antonio. The 95-percent leased properties have approximately 414 tenants, including Kroger, Kohl’s, LA Fitness, Petco, 24-Hour Fitness, T.J. Maxx, and Starbucks.

Florida-based real estate investment firm GFI’s total Texas Retail Portfolio includes 22 properties and 2.4 million sq ft of leasable space, predominantly made up of grocery‐anchored, shopping centers.

With its national platform offices in New York, Charlotte, Newport Beach and San Francisco, TIAA-CREF is a national financial services organization with $869 billion in assets under management (as of 30 June) and is a leading provider of retirement services in the academic, research, medical and cultural fields.

Among notable recent deals, in October the company provided $30.6 million long-term, fixed-rate loan to Pure Multi-Family REIT LP for a 282-unit housing-community in San Antonio.

Ted Norman has been senior director and head of commercial mortgage originations for the organization’s real estate investment and management business platform since 2014.

HFF arranged the financing.

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