Wednesday, January 4, 2017

HFF secures $7.3 million refinancing for Inland Empire retail center in Moreno Valley, CA

Ironwood Plaza, Moreno Valley, CA

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot retail property anchored by a 99 Cents Only Store in the Inland Empire community of Moreno Valley, California.

Working on behalf of the borrower, a private investor, HFF placed the 10-year, 4.80-percent, fixed-rate loan with a local bank.  Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.  This was the borrower’s first loan with the bank. 

Jeff Sause
In addition to the 99 Cents Only Store, Ironwood Plaza is home to a variety of tenants, including Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. 

Situated on 4.5 acres at 23900 Ironwood Avenue, the two-building retail center is located at the southeast corner of Ironwood Avenue and Heacock Street less than one mile from State Road 61 in the Riverside submarket.

 Ironwood Plaza is in Moreno Valley, which anticipates a 4.65 percent population growth over the next five years in the areas surrounding the property.  Currently, there are more than 131,000 residents earning an annual average household income of $64,674 located within a three-mile radius of the center.

The HFF debt placement team representing the borrower was led by director Jeff Sause.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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