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7/06/12
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Geoffery Arrobio, Senior Vice President in Johnson Capital’s downtown Los Angeles office, has arranged $20.15 mil in acquisition financing for the owners of the Riverstone Marketplace retail center, located in Vancouver, WA. Arrobio had been engaged by the new owner of the property, a California-based owner and operator of retail properties, to analyze the various debt options and then spearhead the negotiations with the best one.
Riverstone Marketplace is located at a high-traffic intersection in an upscale area of the city. Constructed in 2002, the property contains 95.8k sf of retail space and is anchored by QFC Market, which is part of The Kroger Co.
The new 10-year CMBS loan was provided by a life insurance company and has a fixed interest rate of less than 5% for the entire term.
Commenting about the transaction, Arrobio noted that, “The challenge in getting this deal done was the short time frame we had to work with from start to acquisition. The lender made it happen by providing flexibility in some of the requirements so we could get a quick close.”
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