HFF has secured a $165 million construction financing for Liberty Center, a 626,791-square-foot, retail town center development in Liberty Township, a northern Cincinnati, Ohio, suburb.
HFF worked on behalf of the joint venture partners, Bucksbaum Retail Properties, LLC and Steiner + Associates, along with financial partner Mount Kellett Capital Management L.P., to secure the loan through a single capital source.
Liberty Center is situated on 65 acres at 7454 Liberty Way, which fronts both Interstate 75 and State Route 129, one of the most heavily trafficked cross-roads in the area with an average of 175,000 vehicles per day. The retail portion of the center financed with the loan is part of a larger mixed-use development that will include 75,000 square feet of office space, 241 multi-housing units and a 130-room AC Marriott hotel. Dillard’s is also building a 200,000-square-foot department store to anchor the town center. The project has secured an impressive roster of high quality retailers, including Dick’s Sporting Goods, Cobb’s CineBistro, Kona Grill, Cheesecake Factory and Brio Tuscan Grill. The HFF team was led by managing director Michael Gigliotti and director Daniel Kaufman.
“This project represents possibly the most significant ground-up retail development of the current real estate cycle, anywhere in the United States,” Kaufman said. “The sponsorship team came together to realize an incredible vision, combining the development and retail expertise of Steiner and Bucksbaum, with the capital markets strength of Mount Kellett. All signs point to a very successful project, and one that will be very important for Cincinnati.”
“The lender was able to provide a comprehensive construction financing solution for the development project,” Gigliotti added. “The sponsors recognized this particular lender’s ability to navigate through complex structuring issues, including a public financing component, several different retail buildings and parking structures, and the office, apartment, and hotel components, all of which are integrated but being developed separately. HFF is excited to have been involved with a project which required a tremendous effort by all parties.”
Based in Chicago, Bucksbaum Retail Properties is a fully integrated real estate developer of mixed-use projects with a primary focus on retail. Understanding the relationship between a high-quality of life and the built environment, BRP is incorporating office, residential and hospitality uses into its projects to create a sense of place for consumers, residents and businesses.
