March 15, 2017 Comments Off on $30M Refi Arranged for 156K-SF Retail Views: 431 California News, Los Angeles

$30M Refi Arranged for 156K-SF Retail

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George Smith Partners secured $30 million in refinancing for Plaza de Hacienda, a 156,000-square-foot grocery-anchored retail center at 1735-1869 N. Hacienda Blvd. in La Puente, CA. The sponsor, privately-held Optimus Properties LLC, replaced an existing loan set to mature on the asset with a 10-year loan.

“Financing for shopping centers continues to generate mixed responses from lenders,” said George Smith Partners’ Shahin Yazdi, who arranged the financing from a CMBS lender. Some lenders have “strong” appetites for retail, while others are more cautionary and “conservative” in underwriting, he noted.

The retail asset is anchored by Food 4 Less, and has national and credit tenants such as Ross, Big 5 and Jack in the Box. The process resulted in competitive cash-out refinancing, with a debt coverage ratio of 1.2, and a debt yield of 7.8%.

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