 |
| Peter Smyslowski |
SAN FRANCISCO, CA – HFF announced it has arranged a $21
million refinancing for Western Plaza, a 115,341-square-foot, grocery-anchored
retail center in Los Angeles, California.
Working on behalf of Western Avenue Capital, LLC (Western Avenue) HFF
placed the 10-year, fixed-rate loan with its correspondent lender, Nationwide
Life Insurance Company.
Loan proceeds were
used to refinance existing short-term debt procured by HFF in 2012 while
Western Avenue implemented its business plan. The fixed-rate loan carried a
three-year, interest-only period as well as an open prepayment option in the
final three years of the loan term.
Acquired by Western Avenue in 2012, Western Plaza is situated on 6.85
acres at 1645-1717 Western Avenue at the southwest corner of Venice Boulevard
and Western Avenue in Los Angeles.
 |
| Jeff Sause |
The retail center is
less than one quarter mile north of Interstate 10 with a population of more
than 600,000 residents within a three-mile radius. The center is 100 percent leased to national and regional tenants
including Food 4 Less, CVS, Factory 2U, Anna’s Linens and Carl’s Jr, some of
whom are on long term leases negotiated by Western Avenue.
The
HFF team representing the borrower was led by managing director Peter
Smyslowski, associate director Jeff Sause and associate Walter
Chui.
“Western Plaza is the epitome of an infill location as evidenced
by a top performing Food 4 Less,” Smyslowski says.
Western Avenue Capital is a real estate investment,
development and management company headquartered in Los Angeles,
California.
Over the past 40 years, its
predecessor companies have established a diversified portfolio of retail,
healthcare, multifamily and industrial properties across the United States,
with the majority of assets in the Los Angeles MSA. Western Avenue’s total
portfolio capitalization (managed and passive) currently exceeds $1 billion
across 3 million square feet. Learn
more at www.westernavecap.com.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
No comments:
Post a Comment