$145.3 Million Construction Loan and Joint Venture Equity Arranged by HFF for Kansas Regional Retail Center Development

CHICAGO--(BUSINESS WIRE)--The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a construction loan and joint venture equity totaling $145.3 million for Corbin Park, a regional, open-air retail center under construction in Overland Park, Kansas.

HFF director Tim Joyce and senior managing directors Mike Kavanau and Doug Bond placed the construction loan and arranged the equity on behalf of Cormac Company. Co-lead providers of the financing were Bank of America and US Bank. INVESCO Real Estate provided joint venture equity on behalf of an institutional client.

“Closing this sizeable retail transaction in the midst of the current financial and credit crisis is a testament to the quality of location, demographics, development team and the overall design and concept that Cormac has for Corbin Park,” said Joyce.

With delivery expected between late 2009 and early 2010, Corbin Park will have 1.1 million square feet of retail and entertainment space anchored by Von Maur, JCPenney, Lifetime Fitness and NYLO Hotels. Other notable tenants include Sports Authority, Barnes & Noble, Village Roadshow Theaters, Off Broadway and Old Navy. The 96-acre site is located at the intersection of 135^th Street and Metcalf Avenue with direct access to State Route 69 in Overland Park.

Cormac Company is a diversified commercial real estate company specializing in the development of land, shopping centers, multifamily and single family projects. With decades of experience in real estate development, the principals of Cormac have completed numerous projects in the Midwest and Southwest. Since 1998, the principals and affiliates of Cormac Company have invested $125 million in land and have developed shopping centers worth $300 million. Currently Cormac has over 2.5 million square feet of shopping centers in development.

HFF (NYSE:HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. www.hfflp.com.