High Point's IHFC refinances $103.2M note

Natixis, Grandbridge team up on funding deal

Furniture Today Staff -- Furniture Today, August 30, 2010

HIGH POINT — The International Home Furnishings Center has teamed with Grandbridge Real Estate Capital and Natixis Real Estate Capital to refinance a $103.2 million note for the showroom complex.

Natixis provided funding for the entire loan, while Grandbridge, a unit of BB&T, arranged the transaction, said Mike Ortlip, senior vice president and head of Grandbridge's Charlotte, N.C., office.

"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," Ortlip said.

The IHFC, whose owners include Bassett Furniture Inds., insurance giant Lincoln Financial, and the estate of former High Point Enterprise Publisher Randall Terry, has about 3.5 million square feet of showroom space.