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A joint venture between Capital Real Estate Ventures Inc and Orion Investment and Management Ltd Corp recently acquired four portfolios containing 22 separate properties with established Del Taco restaurants in Southern California. The purchase was funded with a $29.6 mil loan.
The properties all have new long-term leases with Del Taco, a fast food restaurant chain specializing in Mexican cuisine. The properties are all located in Southern California communities – Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista.
Kevin Mackenzie and Greg Brown of HFF arranged the non-recourse, two-year, floating-rate loan with the Wells Fargo Restaurant Finance Group. This was the third loan that Capital RE Ventures closed with HFF within the past six months.
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