LOS ANGELES, Feb 21, 2011 (BUSINESS WIRE) --
HFF announced today that it has arranged an $80 million refinancing for
Whalers Village, a 110,836-square-foot, open-air shopping and
entertainment center located along Kaanapali Beach in West Maui, Hawaii.
HFF worked exclusively on behalf of WV Sub, LLC, an entity controlled by
General Growth Properties, to secure the 10-year, fixed-rate loan
through Goldman Sachs & Co. The securitized loan will refinance an
existing loan on the center.
Whalers Village is located at 2435 Kaanapali Parkway in western Maui
within walking distance to approximately 5,000 hotel, timeshare and
condominium units along Kaanapali Beach. Originally built in 1970, the
property has been renovated and expanded over the years and is currently
98 percent leased to 70 tenants. Notable tenants include Louis Vuitton,
Tommy Bahama, Coach, Pacific Sunwear, Hula Grill, Leilani's Restaurant
and Cane & Taro Restaurant. Whalers Village is also home to the Whalers
Village Museum and Theater, and the mall's center stage that hosts more
than 350 performances a year.
According to HFF, Whalers Village ranks first in market share in Maui
capturing approximately one of every four retail dollars spent on Maui.
It is a premier asset with a world-class location along one of Maui's
The HFF team representing the borrower included senior managing director
Paul Brindley, director John Crump and executive managing director Mark
GGP has been in the shopping center business for more than 50 years. One
of the nation's largest real estate investment trusts, GGP owns,
operates and manages shopping malls in 43 states. GGP has ownership and
management interests in more than 180 regional shopping malls totaling
approximately 200 million square feet of retail space. Headquartered in
Chicago, Illinois, GGP has approximately 3,200 employees nationwide. GGP
is traded on the New York Stock Exchange under the symbol GGP.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are
owned by HFF, Inc. (NYSE: HF). HFF 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 together with
its affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, advisory
services, structured finance, private equity, loan sales, and commercial
loan servicing. www.hfflp.com.
Paul Brindley, (310) 407-2100
Senior Managing Director
Kristen Murphy, (713) 852-3500
Associate Director, Marketing