July 27, 2016
Holliday Fenoglio Fowler LP (HFF) secured $66 million in refinancing for Plaza 183, a 97%-leased, open-air retail center in Cerritos, CA. The loan will be used to refinance the original acquisition, as well as a renovation that was largely completed in 2015.
The renovation included enhancing public spaces and creating a more inviting environment to engage the community, yet adhere to the authenticity of the city. Plaza 183 is a 30-acre, 11-building power center along the 605 freeway, near the 91 freeway.
HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction.
HFF’s debt placement team of Paul Brindley, Eric Tupler and Steven Paskover represented the borrower.
For comments, questions or concerns, please contact Dennis Kaiser