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FINANCING NEWS
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The Abbey Company Recapitalizes 3 msf SoCal Portfolio

9/16/15

The Abbey Company obtained $310 mil in bridge financing to recapitalize a 34-property Southern California portfolio. The funding was provided by Prime Finance.

The assets securing the loan total approximately 3 msf of commercial office, industrial and retail properties located in the Inland Empire, as well as Los Angeles, San Diego and Orange Counties. The loan proceeds were used to refinance two maturing CMBS loans and provide capital for The Abbey Company, out of Garden Grove, to maximize cash flow across the portfolio, according to company Chairman and CEO Don Abbey.

“As a result of the financing, The Abbey Company now has approximately $30 mil in capital reserves aimed directly at funding the costs associated with capital improvements, lease ups and tenant rollovers within the existing portfolio,” said Abbey. “We look forward to continuing our market competiveness while delivering deals in a remarkably quick fashion. The notion of the quick market deal has been at our core since the inception of The Abbey Company 25 years ago. Now, we have an ability to deliver at an entirely new level.”

David Blitz, president of Los Angeles-based Nebo Capital arranged the financing. Mark Nicoletti, real estate partner with Los Angeles-based law firm Sklar Kirsh LLP, was the lead counsel in the deal. Other members of the Sklar Kirsh legal team included partners Andrew Kirsh and Ellia Thompson, associates Josh Loeb and Jennifer Mizrahi, and Of Counsel Serineh Baghdasarian.






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