|Greg Richardson, Managing Director, and Scott Watson, Vice President, of Johnson Capital’s Irvine office have arranged a $21.35 mil loan secured by a 71.8k sf retail property in Calabasas.
The property, The Summit at Calabasas, is located adjacent to the 101 Fwy. It was constructed in 2011 and is owned by a major regional commercial investor and developer. The Summit is currently 95% leased and it is anchored by Maddy's Market, a specialty grocer. Other tenants include various restaurants and soft goods retailers.
The new three-year floating rate loan, which was provided by a regional bank, is priced over 30-day Libor and contains two one-year extension options.
Commenting on the transaction, Richardson said, “The high quality of the center coupled with strong sponsorship enabled us to obtain an aggressive structure and pricing."