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2/11/13
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The Alison Company’s Shaun Moothart has arranged $10.15 mil in permanent financing for a SoCal portfolio consisting of four properties totaling 212k sf.
A portion of the proceeds was required for the acquisition of a grocery anchored retail property located on the southeast corner of Centinela Ave and North La Brea Ave in Los Angeles. The property measures 34k sf, a relatively small platform store 100% occupied by Ralph’s, a major supermarket chain in the Southern California area and the largest subsidiary of Cincinnati-based Kroger. This transaction was the buyer’s upleg in a 1031 exchange.
Simultaneously, the same borrower sought to refinance three properties located within the OC cities of Irvine and Costa Mesa. The three assets are occupied by OBEY Clothing, Kiva Kitchen & Bath, Brown Packaging and Rock Harbor Church.
The 4.00% interest rate was locked at application for a period of 10 years with a 30-year amortization. For maximum flexibility and to allow for a possible sale at some point in the future, the deal was structured with no prepayment penalty throughout the term of the loan.
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