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High Point's Furnishings Center Refi Tops $100 Million

GDA Staff -- Gifts and Dec, 8/30/2010 12:38:20 PM

High Point, NC — The International Home Furnishings Center (IHFC) refinanced for $103.2 million dollars. The IHFC has nearly three-and-a-half million square feet of furniture showroom space, making up the bulk of the furniture and home accessory High Point Market since 1921.

Charlotte, NC-based Grandbridge Real Estate Capital, a subsidiary of BB&T Corporation, arranged the transaction between IHFC and NATIXIS Real Estate Capital.

Mike Ortlip, senior vice president and head of Grandbridge's Charlotte office, said in a statement, "This was an unique transaction in today's market for several reasons: First was the ability and willingness of NATIXIS to fund the entire loan themselves and provide a seamless transaction for our client. Second was all parties' familiarity with the asset and the client's needs. Grandbridge and NATIXIS had previously provided financing for IHFC, and — unique in today's capital markets — the same members of both firms' deal teams were still in place from the original financing." According to TradingMarkets.com, the original deal was closed in 2005.

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