A Los Angeles-based buyer secured $19.9 million in financing for three retail centers, including one in Santa Clarita, according to a CBRE news release.
CBRE’s Capital Markets’ Debt & Structured Finance team arranged the acquisition financing on behalf of the buyer, a prominent family office in L.A.
Bouquet Canyon Plaza, located at 27611-27633 Bouquet Canyon Road, is 100% leased. At 27,876 square feet, the lot features Albertsons, Saugus Drugs, Chronic Tacos, and a recently opened Pizza Guys, among others.
The other retail centers included in the transaction are the 44,340-square-foot Town Center North, located at 805-835 College Blvd. in Oceanside, and a third 4,148-square-foot center in Montebello.
“The simultaneous acquisition of multiple parcels was complex, but our team was able to deliver optimal financing terms and certainty of close during uncertain times,” CBRE broker Shaun Moothart said in a prepared statement. “All three of the loans and the terms were negotiated during the (COVID-19) shutdown. … Needless to say, this was intricate and challenging.”
Each loan was done separately to allow for maximum flexibility for the borrower, with non-recourse financing in the 50% loan-to-value range, fixed for a 10-year term at 3.5%, according to CBRE.
Moothart, Bruce Francis, Robert Ybarra, Dana Summers, Doug Birrell and Jim Korinek of CBRE arranged the financing.