$101,300,000 in Financing for 375,000 SF, 37-Acre Shopping Center in La Habra, CA

Rate: One-Month LIBOR + 3.20%
Term: Two years plus three, one-year extension options
Amortization: Full-term interest only
Loan to Initial Value: 75%
Loan to Stable Value: 70%
Guaranty: Non-recourse
Lender Fee: 0.75%
Prepayment: 15-month spread maintenance

Transaction Description:

George Smith Partners secured $101,300,000 in non-recourse bridge debt to refinance out an existing senior loan and mezzanine loan for a regional Southern California shopping center. The Property is a 373,000 square foot open-air, dual grocery anchored shopping center currently midway through a center-wide reposition. The Property is 96% leased but requires additional funds to complete the stabilization, including the construction of a new pre-leased pad building. The Center required a major leasing and re-leasing effort to modernize the 37 acre site into a true lifestyle center. Loan proceeds repaid the existing financing, covered closing costs, and will fund 100% of future CapEx, tenant improvement, and leasing commission costs associated with stabilizing the Property. The loan offers a 24-month initial term plus three extension options with durations of one year each, which provide the Borrower maximum flexibility. The non-recourse floating-rate loan priced at 3.20% over One-Month LIBOR and offered full term interest only payments.

 

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