April 7, 2020
Faris Lee Investments arranged a three-year $39.6-million bridge loan for Packing House Square, a 141,504-square-foot, mixed-use center at 18180-18380 Yorba Linda Blvd. in Yorba Linda, CA. The proceeds from the refinance will be used to reposition the Packing House building as a medical arts plaza with a medical anchor tenant, renovate the existing retail plaza by adding an additional 11,450-square-foot new corner retail wing, and re-tenant vacant units.
Faris Lee Investments’ Jay Quinn and Kirt Boultinghouse sourced the loan via Ares Management. Nick Coo, Matt Brooks, and Joe Chichester represented the seller, a private investment company.
Coo says, “The favorable location, as well as the lack of retail and retail development in the trade area, presented significant opportunities for the disposition of the asset. However, the future of the property faced many challenges like the high vacancy, the lack of anchor, the complex site plan with multi-level layout, the lack of entitlement for the additional retail development built into the projected Pro-forma, and the uncertainty of the office building lease-up.”
For comments, questions or concerns, please contact Dennis Kaiser