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12/16/16
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NewMark Merrill Companies and Upside Investments have just refinanced Crenshaw Imperial Plaza, a 305k sf mixed-use complex in Inglewood that is currently undergoing a major renovation. The $34 mil financing was arranged by George Smith Partners (GSP).
Originally constructed in the early 1960s, Crenshaw Imperial Plaza contains 238k sf of retail space and a 67k sf office building. The property is located at a high-traffic intersection with more than 60,000 cars per day, directly off the 105 freeway at Imperial Highway and Crenshaw Boulevard.
The property is undergoing extensive renovations, including a complete facelift, the demolition of obsolete space, addition of new signage and the conversion of ground floor office space into retail. The remodel has already attracted new national tenants including Save-A-Lot, a major grocer, and Planet Fitness. Following the conversion of the first floor of the existing office space into retail space, that floor will house market leading quick-service restaurants such as Chipotle, Five Guys, and Ono Hawaiian BBQ.
Steve Bram, David Pascale and Analyst Ali Akbar with GSP secured the financing. According to Bram, the financing will pay off an existing term loan of $20.4 mil, and will also fund a majority of the remaining $17.4 mil in renovations, tenant improvements, leasing commissions and other capital expenditures that will reposition both the office and retail space.
The three-year, interest-only loan was funded at the full 92% LTC requested. The loan rate floats over the 30 day LIBOR floored at 5.45%, with an 18-month minimum interest prepayment option, as well as the option of one 12-month extension period.
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