$47.1M in financing secured for retail power center in Orlando

MIAMI, April 10, 2024 – JLL Capital Markets announced today that it has arranged the $47.1 million refinancing of The Crosslands, a 529,212-square-foot retail center located in Kissimmee, Florida within the high-growth Orlando Metropolitan Statistical Area (“MSA”).

JLL represented the borrower, a joint venture between the Hampshire Companies, Federated Hermes and O’Connor Capital Partners, to secure the three-year, non-recourse loan through TD Bank.

Completed between 2014 and 2016, The Crosslands is currently 100% leased to an extensive line-up of national retailers. The property’s anchors include The Fresh Market, Burlington, Academy Sports, Hobby Lobby, Marshalls/HomeGoods and Ross. The center is ranked in the top 4% of Florida shopping centers by visits, drawing in 4.4 million shoppers annually (Placer.AI).

Located at 1100 W Osceola Pkwy. in Kissimmee, The Crosslands sits at a prime location at the intersection of Osceola Parkway and Orange Blossom Trail (±90,000 VPD), with over 3,000 feet of frontage. Osceola Parkway is the primary-east west thoroughfare serving Kissimmee, providing visitors direct access to both Interstate-4 and Florida’s Turnpike. The property is less than 20 miles from Orlando’s Central Business District (“CBD”). In addition, the center provides convenient connectivity to the rapidly growing communities of St Cloud, Poinciana, Davenport and the over 70 million visitors annually at the nearby theme parks and attractions. Within a five-mile radius is over 250,000 residents with a $76,000 average household income, and over 4,300 new residential units are planned or under construction within one mile of the property.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jon Mikula and Michael Klein, Managing Director Brian Gaswirth, and Analysts Michael Kavaler and Val McWilliams.

“Retail fundamentals in Orlando remain among the strongest in the nation, and this transaction highlights that bank liquidity remains readily available for centers with strong surrounding demographics. We are grateful for the expertise brought to the table by the sponsors and look forward to the continued partnership and ongoing success of this property,” Gaswirth said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Headquartered in Morristown, NJ, The Hampshire Companies, LLC is a privately held, fully integrated real estate firm with over 65 years of experience in acquiring, developing, leasing, managing, and disposing of real estate. With a diverse investment platform spanning various commercial asset classes including industrial, grocery-led retail, self-storage, and multifamily, Hampshire operates globally with offices in Morristown, NJ and Singapore. Their vertically integrated business model, driven by an in-house team of dedicated professionals, enables streamlined project management from acquisition to financing, development, construction, marketing, and leasing. With deep local market and regional expertise, Hampshire manages numerous funds and direct investment vehicles and holds joint venture relationships with large corporate and institutional investors. The senior management team boasts an average of 31 years of real estate investment experience.

Federated Hermes (NYSE "FHI"), headquartered in Pittsburgh, is a leading investment management firm focused on active, responsible investing. With more than 2,000 employees spanning across London, New York, Boston, and numerous offices worldwide, the firm is an established industry leader on a global scale. In 1983, Hermes investment Management became the primary manager of the British Telecommunications (BT) pension fund, and subsequently grew to be one of the largest institutional asset managers in the United Kingdom. In 2018, Federated acquired Hermes Investment Management, creating Federated Hermes, which now holds $704 billion in AUM as of 2Q23 and a remarkable $1.4 trillion under advice.

O'Connor Capital Partners, a privately-owned independent real estate investment, development, and management firm, strives to be the preferred choice for institutional investors seeking access to retail properties and residential development opportunities. With a vertically integrated retail capacity in North America and a focus on multifamily development in transit-served locations throughout the Northeast corridor, O'Connor Capital Partners leverages its strong relationships and experience to create high-performing investment opportunities. Founded in 1983 by Jeremiah W. O'Connor, Jr., the firm has a successful track record of acquiring and developing over $25 billion of properties across various asset types for investment funds, institutional clients, and its own portfolio. The firm is based in New York City, with a regional office in Mexico City.

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Instagram at www.instagram.com/TDBank_US/.

TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.