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Sources of Finansing
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Sources of Financing Cohen Financial (866-315-6210) secured $19.5 million in permanent financing for Highridge Crossing. The company arranged the loan, on behalf of Hopkins Real Estate Group, to provide permanent financing for an Office Depot-anchored retail project and to repay the construction loan on the 57,474 sq.ft. center. The property is located 37 miles northwest of downtown Los Angeles, CA on a land area of 7.4 acres at the northwest corner of Newhall Ranch Road and Copperhill Drive in Santa Clarita, CA. The non-recourse, debt financing comprises a 10-year term and an 80% LTV. The center is tenanted by Office Depot, Starbucks, Washington Mutual, Wendy’s, Supercuts and Panda Express.
Across America Real Estate Corp. (303-893-1003) partners with national retailers to provide 100% project funding for expansion. The company completed financing, which boosts its combined equity and subordinated debt to approximately $20 million. BOCO Investments, LLC has agreed to provide Across America with new funding through a $7 million subordinated debt vehicle and a $3 million preferred convertible equity. GDBA Investments, LLLP has agreed to restructure its $10 million in subordinated debt to mirror the structure of the BOCO Investments, LLC contribution, including $3 million preferred convertible equity.
Venture West Funding (949-475-5573) arranged a $29.5 million permanent loan on Redwood Gateway, a 141,691 sq.ft. center located in Petaluma, CA, on behalf of an affiliate of Robertson Properties Group. The permanent loan replaces a City National Bank $21 million construction loan. The center is anchored by Kohl’s, Michaels and Pier 1 Imports and is currently 98% leased. An additional 16,798 sq.ft. building to be tenanted by Shoe Pavilion is currently under construction. The property is located on North McDowell Boulevard.
Johnson Capital (949-660-1999) arranged permanent financing of $11.6 million for Scottsdale Bell Plaza, a 45,808 sq.ft. center located at the southwest corner of Scottsdale Road and Bell Road in Scottsdale, AZ. The center is situated on a land area of 3.60 acres. The company is a commercial mortgage banking and capital advisory services firm specializing in providing capital for commercial real estate transactions including senior debt, mezzanine debt, structured debt, bridge debt and joint venture equity. |