HFF Arranges $74 Million Financing for Trolley Square in Salt Lake City, Utah

PORTLAND, Ore.--(Business Wire)--
The Portland office of HFF (Holliday Fenoglio Fowler, L.P.)
announced today that it arranged $74 million in financing for Trolley
Square, a four-building upscale lifestyle center in Salt Lake City,
Utah.

Working exclusively on behalf of ScanlanKemperBard Companies, HFF
senior managing director Lloyd Minten placed the $74 million loan with
Bank of America as Administrative Agent, in syndication with Wachovia.
The financing recapitalizes an existing adjustable-rate loan that was
arranged by HFF in 2006 to facilitate the acquisition and
redevelopment of the site. The 2006 acquisition was arranged by the
HFF investment sales group on behalf of Simon Property Group.

"HFF was able to secure attractive financing that provided
flexibility for the borrower to complete their business plan and
finish the renovation of the property," said Minten. "The renovation
will include the addition of four retail buildings totaling 86,000
square feet, one of which will be occupied by Whole Foods and will
open first quarter of 2010."

Originally built in 1908 as a trolley car barn complex, Trolley
Square is listed on the National Register of Historic Places and is
designated a Utah Historic Site. Trolley Square currently houses 32
tenants reflecting 61% occupancy.

"Through the expansion of Pottery Barn, Williams Sonoma and the
addition of West Elm, the presence of the Williams Sonoma Group will
increase by 100% to over 47,000 square feet among its four venues
(Pottery Barn, Pottery Barn Kids, William Sonoma and West Elm) at
Trolley Square. SKB plans to continue the mix of strong local
specialty retailers with national tenants to provide shoppers with the
unique experience that sets Trolley Square apart from every shopping
experience in Salt Lake City."

ScanlanKemperBard Companies, LLC founded in 1993, is a real estate
merchant banking company that actively seeks moderate to high yielding
investments in the Western United States. SKB has acquired over $2.5
billion in real estate since 1996. Its mission is the creation and
retention of wealth through real estate for its investors and
principals, in that order.

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.

HFF
Lloyd L. Minten, 503-224-0444
Senior Managing Director
lminten@hfflp.com
Laurie Fish McDowell, 617-338-0990
Associate Director, Marketing
lmcdowell@hfflp.com

Copyright Business Wire 2008