HFF and Johnson Capital Arrange Financing for Two Los Angeles Area Commercial Properties
- Oct 31, 2014
Two commercial properties in the Los Angeles area have received financing this week, with a total of approximately $18 million in financing raised for the two assets. HFF worked on behalf of the owners of a class A specialty center in Brentwood, while a Johnson Capital team secured funds for a Pasadena retail center.
HFF recently announced $9.97 million in first lien financing for the acquisition of a specialty center totaling 11,990 square feet of space in the upscale Brentwood area. Located at a 20,022 square-foot lot at 11770 San Vicente Boulevard, the asset is currently fully leased to a roster that includes Pizzicotto Restaurant, First Republic Bank, Subway, Chase Bank ATM and Radco RE. The financing was secured on behalf of buyer GPI Companies through local entity City National Bank, which used the proceeds in the acquisition of the retail asset. The HFF team that worked for the borrower was led by Senior Managing Director Kevin Mackenzie, Associate Directors Greg Brown and Jeff Sause and real estate analyst Jamie Kline.
In other financing news, the Irvine office of Johnson Capital announced that it has arranged $7.8 million in permanent financing for a Pasadena retail property. Located at 855 – 875 S. Arroyo Parkway, the 59,300 square-foot retail property is currently anchored by tenants such as Petco, Staples and BevMo. The fixed rate, non-recourse loan which matures in ten years was provided by AEGON. The Johnson Capital team working to secure the financing on behalf of the owner, a large owner and developer of commercial and multifamily real estate, included Amos Smith and Sean Skelton.