A Los Angeles-based buyer has secured $19.9 million in financing to obtain three retail centers, including one in Oceanside.
CBRE’s Capital Markets’ Debt & Structured Finance team arranged the acquisition financing on behalf of the buyer, a prominent family firm.
Town Center North, 805-835 College Boulevard in Oceanside, at 44,340 square feet, is 91% leased. The center features a Vons supermarket and several smaller outlets, including a Supercuts and a Postal Annex.
The 27,876 square-foot Bouquet Canyon Plaza, 27611-27633 Bouquet Canyon Road in Santa Clarita, is 100% leased and shadow-anchored by an Albertson’s.
The third property, 2401 W. Whittier Boulevard in Montebello, at 4,148 square-feet, is 100% leased to Pacific Premier Bank and WingStop.
Shaun Moothart, a senior vice president at CBRE Capital Markets, called the transaction “complex,” as the talks to coordinate it took place “during uncertain times.”
“All three of the loans and the terms were negotiated during Covid shutdown,” he said. “Plus, for Town Center North, the terms were finalized during construction of the anchor tenant’s space. Needless to say, this was intricate and challenging.”
The three loans were arranged separately, rather than one portfolio loan, to allow for maximum flexibility for the borrower, officials said. The non-recourse financing was in the 50% loan-to-value range, fixed for a 10-year term at 3.5 %, with pre-payment flexibility.
Moothart, Bruce Francis, Robert Ybarra, Dana Summers, Doug Birrell and Jim Korinek of CBRE arranged the financing.
– Staff reports
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