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HFF Arranges $80 Million Refinancing for Landmark Hawaii Open-Air Shopping and Entertainment Center

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 famed beaches.

The HFF team representing the borrower included senior managing director Paul Brindley, director John Crump and executive managing director Mark Gibson.

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.

SOURCE: HFF

HFF
Paul Brindley, (310) 407-2100
Senior Managing Director
pbrindley@hfflp.com
or
Kristen Murphy, (713) 852-3500
Associate Director, Marketing
krmurphy@hfflp.com