July 7, 2020
CBRE’s Capital Markets’ Debt & Structured Finance team arranged $19.9 million in acquisition financing for three retail centers in Southern California. Newport Beach-based Shaun Moothart, Bruce Francis, Robert Ybarra, Dana Summers, Doug Birrell and Jim Korinek arranged the financing on behalf of the buyer.
The properties included:
– Town Center North at 805-835 College Blvd. in Oceanside; 44,340 square-foot center; 91% leased.
– Bouquet Canyon Plaza at 27611-27633 Bouquet Canyon Rd. in Santa Clarita (pictured); 27,876 square feet; 100% leased and shadow-anchored by Albertson’s
– 2401 W. Whittier Boulevard in Montebello; 4,148 square-foot property, 100% leased to Pacific Premier Bank and WingStop.
The buyer was an unnamed a prominent family office based in Los Angeles. All three loans were done separately to allow for maximum flexibility for the borrower. The non-recourse financing was in the 50% loan-to-value range, fixed for a 10-year term at 3.5% and provides for maximum prepayment flexibility.
For comments, questions or concerns, please contact Dennis Kaiser