January 3, 2017
Holliday Fenoglio Fowler, L.P. secured $7.3 million in refinancing for Ironwood Plaza, a 56,289-square-foot retail property in Moreno Valley, CA. The 99 Cents Only Store-anchored center is situated on 4.5 acres at 23900 Ironwood Ave., and is close to the 60 freeway.
HFF’s Jeff Sause placed the 10-year, 4.8%, fixed-rate loan with a local bank on behalf of a private investor borrower. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.
In addition to the 99 Cents Only Store, Ironwood Plaza is home to such tenants as Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. The two-building retail center was renovated in 2005.
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