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| Mission Lakes Center, 3600 Lime and 3397 Mission Avenue, Riverside, CA |
IRVINE, CA – May 18, 2015 – Holliday Fenoglio Fowler, L.P.
(HFF) announced today that it has secured $7.1 million in acquisition financing
for Mission Lakes Center, an
81,975-square-foot, multi-tenant office project and freestanding restaurant in
Riverside, California.
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| Greg Brown |
Working on behalf of Stillwater Investment Group, LLC, HFF
placed the five-year, fixed-rate loan that includes a flexible prepayment
structure with a major life insurance company lender. HFF is also servicing the loan.
Mission Lakes Center is located at 3600 Lime and 3397 Mission Avenue across from the Riverside Art
Museum.
The two-story building is one block east of the historic
Mission Inn in downtown Riverside and benefits from its close proximity to the
city and county administrative buildings and municipal and federal courts.
The 80-percent-occupied project has 74,662 square feet of
office space leased to tenants including Riverside County, Athena Research and
First Legal Services, in addition to 7,313 square feet of freestanding retail
space fully occupied by Heroes Restaurant & Brewery.
The HFF debt placement team representing the borrower was
led by associate director Greg Brown.
“After being able to secure this property off-market, the
HFF team worked diligently and efficiently to help us identify and secure a
great lender,” said John Drachman, president of Stillwater Investment
Group.
“Both parties moved extremely quickly
under a tight time frame to help us execute this transaction. Stillwater Investment Group looks forward to
working on future transactions with HFF and our lender.”
“As a result of a strong relationship with the lender, HFF
was able to move quickly to secure a favorable financing structure,” Brown
said.
“This will allow our client to
execute their business plan of improving the exterior of the buildings and
common areas, maintain tenant relationships and execute new leases for vacant
space.”
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
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