CBRE Secures $16.5 Million Refinancing Loan for Westbury Square in Alabama

CBRE Capital Markets’ Debt & Structured Finance group secured a $16.5 million loan for the refinancing of Westbury Square, a 117,689-sq.-ft. neighborhood shopping center in Huntsville, Alabama.

Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder with CBRE represented the borrower, Branch Properties, who acquired the property in March 2018. Delta Community Credit Union originated the loan.

“Branch has done an incredible job with this asset since acquisition, including multiple new and renewed leases that have significantly enhanced the credit profile of the deal over time,” said Mr. Henry, senior vice president at CBRE. “This was a very competitively bid refinance, which speaks to the deep demand balance sheet lenders have for high-quality retail with best-in-class sponsorship.”

Westbury Square is currently 98.5% leased to 20 tenants, including T.J. Maxx, Ross Dress for Less, and pOpshelf. The shopping center sits on 11.5 acres and is less than 10 minutes from Downtown Huntsville along the highly traveled Airport Road SW and near Memorial Pkwy SW, the predominant north-south thoroughfare in Huntsville.

Westbury Square is located in the South Huntsville submarket, the second largest submarket in Huntsville, with over 5.7 million sq. ft. of retail product and a vacancy rate of 3.1%. The entire Huntsville retail market totals 28.3 million sq. ft. of space with a vacancy rate of 2.8%; the market has remained under 3.0% since 2021.