HFF Arranges Refinancing for The Summit in Birmingham, Alabama

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged refinancing for The Summit, a 1.03 million-square-foot, trophy
retail center with Class A office space in Birmingham, Alabama.

HFF worked on behalf of the borrower, a partnership between Bayer
Properties LLC and Institutional Mall Investors LLC, a co-investment
venture co-owned by Miller Capital Advisory, Inc. and CalPERS, to place
the 10-year, fixed-rate loan with Bank of America. Loan proceeds are
being used to refinance an existing loan.

Developed in phases between 1997 and 2009, The Summit is one of the
Southeast’s premier locations to shop, dine, work and play. Anchored by
the only Saks Fifth Avenue (tenant owned) in Alabama and a flagship
Belk, the 99-percent-leased center is also home to Carmike Cinemas, Bed
Bath & Beyond, Barnes & Noble, Apple, Anthropologie, Gus Mayer,
Lululemon Athletica, Trader Joe’s, Sur La Table, Kate Spade, West Elm
and Michael Kors. Restaurant tenants include Cheesecake Factory, P.F.
Chang’s, Seasons 52, Macaroni Grill and California Pizza Kitchen.
Situated on 102 acres at 125 Summit Boulevard, The Summit is bordered by
U.S. 280, Interstate 459 and Cahaba Heights Road. The center is at the
epicenter of four of the most affluent Birmingham suburbs: Mountain
Brook, Homewood, Vestavia and Hoover. More than 40,000 residents earning
an average annual household income of more than $106,100 live within a
three-mile radius of the property. Additionally, the daytime population
within seven miles of the property is approximately 335,330.

The HFF debt placement team was led by director Jim Curtin.

About Bayer Properties LLC
Birmingham,
Alabama-based Bayer Properties LLC specializes in developing, leasing,
managing and marketing mixed-use real estate properties nationwide.
Bayer Properties currently owns and/or operates mixed-use retail,
office, and residential properties totaling approximately 10 million
square feet, including The Summit in Birmingham, Alabama; Mount Pleasant
Towne Centre in Mount Pleasant, South Carolina; Metropolitan in
Charlotte, North Carolina; and The Summit in Reno, Nevada. New
developments include The Pizitz Building urban revitalization project in
Birmingham, Alabama, and The Summit at Fritz Farm, a mixed-use project
in Lexington, Kentucky. For more information, visit http://bayerproperties.com.

About Institutional Mall Investors
Institutional
Mall Investors (IMI) is a co-investment venture owned by an affiliate of
MCA and CalPERS, the nation’s largest public pension fund. MCA serves as
investment manager for IMI. IMI is a core-oriented investment platform
focused on high quality, market dominant, fashion-oriented retail
properties. The IMI portfolio features some of the most dominant
regional and super regional shopping centers in the United States. As of
October 2016, the portfolio included 20.1 million square feet of retail
GLA and over 1.1 million square feet of prime office space. IMI also
seeks to invest in productive lifestyle, mixed use and development
opportunities as circumstances warrant. Learn more at http://www.miller-capital.com/institutional-mall-investors.

About HFF
HFF and HFFS (HFF
Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of
23 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, equity placement, advisory services, loan sales and
commercial loan servicing. For more information please visit hfflp.com
or follow HFF on Twitter @HFF.

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