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7/26/12
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The Alison Company has arranged $12.8 mil in permanent financing for Creekside Village Shopping Center, an Albertson’s-anchored grocery center in Calabasas. Located south of the 101 Fwy, at the intersection of Las Virgenes Rd and Agoura Rd, the center is fully occupied and also includes tenants such as Starbucks and GNC.
The loan was placed with a life insurance company and features an extremely low interest rate of 3.60% fixed for 10 years. The loan proceeds were used to pay off the maturing CMBS loan and cover closing costs. To accommodate the restrictive payoff requirements set in place by the existing lender, the new loan was structured with a forward rate lock allowing the borrower to lock in the rate at time of loan application well beyond the standard 60 to 90 days.
Alison’s Shaun Moothart, who arranged the deal, commented, “The fact that this center commanded such impressive pricing, speaks to the high quality of the asset and lender appetite for commercial mortgages, given the current state of alternative fixed income investment yields. Comparatively speaking, such aggressive pricing is typically only achieved for institutional quality multi-family properties through the agencies.”
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