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4/13/15
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Mike Thorp and Daniel Thorp, in Pacific Southwest Realty Services’ Irvine office, have arranged a $13 mil refinance loan secured by a power center located in Central California.
The property is a Wal-Mart-anchored community/power center built in 1989 and containing approximately 300k sf of gross leasable area. The center is freeway-adjacent and is on an unsubordinated, short-term ground lease that expires in 2041. The owner is an experienced developer of shopping centers.
The loan was funded through a correspondent life insurance company. The new loan is non-recourse and has a 10-year term with a 25-year amortization schedule. It has a fixed interest rate of approximately 4.25% and a loan-to-value ratio of 60%.
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