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| The Lakes at West Covina Office Campus, San Gabriel Valley, West Covina, CA |
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| Greg Brown |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $26.1 million in
acquisition financing for The Lakes at
West Covina, a two-building, 176,843-square-foot, Class A office campus in
the City of West Covina in the San Gabriel Valley, east of Los Angeles.
HFF worked on behalf of
the borrower, a partnership between Stillwater Investment Group, Greenlaw
Partners and CrossHarbor Capital Partners to secure the acquisition financing
through Suntrust Bank. The floating-rate
loan has a three-year initial term and is non-recourse.
The Lakes at West Covina
is located at 1000 and 1050 Lakes Drive in the central/eastern portion of Los
Angeles County about five miles east of downtown Los Angeles.
Situated on a 6.16-acre site the property has
prominent freeway visibility located just south of the San Bernardino Freeway
(10) and is adjacent to the Plaza West Covina Mall, the Lakes Entertainment
Center, the Edwards West Covina Stadium 18 movie theatre as well as the Lennar
Multifamily Communities mixed-use project currently underway.
Renovated in 2004, The
Lakes at West Covina is 78 percent leased to national and regional tenants
including Wells Fargo Bank, the U.S. General Services Administration, Siemens
Corporation, the State of California, Trilogy and Fresnius.
The HFF debt placement
team representing the borrower was led by director Greg Brown and managing director James Fowler.
“HFF did an excellent job
on representing our partnership in finding a number of quality debt
options. They sourced a number of strong
lenders for us and closing with Suntrust Bank will allow us to continue the
positive leasing momentum at the project.
This was the second transaction that HFF has represented my firm on and
both times they delivered excellent results,” said John Drachman, President of Stillwater Investment Group.
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 | www.hfflp.com
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