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1/09/20
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Cantor Commercial Real Estate has refinanced two SoCal neighborhood retail centers with loans totaling $31 mil. Westlake Village Marketplace, in Westlake Village, was refinanced with an $18 mil loan, and Aliso Viejo Plaza, in Aliso Viejo, was refinanced with a $13 mil loan.
Sharon Kline and Marina Massari of CBRE’s Newport Beach office arranged the ten-year, full-term interest-only loans, for the borrower, a division of Cantor Fitzgerald.
Westlake Village Marketplace, located at 5752 Lindero Canyon Rd, consists of 74.2k sf of rentable space and was built in 1998. The mall is anchored by Michaels and Staples and features a strong lineup of national, credit, and regional tenants, including Chase Bank, Chipotle, Panera, and Panda Express, among many others. The center is shadow-anchored by Smart & Final, Dollar Tree and PetSmart.
Aliso Viejo Plaza, located at 26852 La Paz Rd, consists of 35.8k sf of rentable area and was built in 1987. Tenants also include national, regional, and local businesses such as Starbucks, UPS Store, Massage Envy, and Baskin Robbins. The center is shadow-anchored by Target and Stater Bros.
“Both shopping centers had a long history of excellent sales,” said Kline. “However, because each center was shadow-anchored – meaning that all or some of the anchor tenants were not part of the security – and even though both loan requests were low leverage, it eliminated life companies from competing for the transactions – which is why we sought a CMBS execution.”
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