HFF Arranges Financing for Mixed-Use Anaheim Campus
- Feb 17, 2017
Anaheim, Calif.—HFF has secured $19 million in financing for Pacific Center, a mixed-use property in Anaheim, Calif. HFF worked on behalf of the borrower, Hines and funds managed by Oaktree Capital Management LP, to secure the three-year, floating-rate loan through CIT Bank, N.A. Loan proceeds will be used to reposition the property.
The 130,207-square-foot, 15.5 acre Pacific Center is located at the corner of La Palma and Tustin Avenues, north of the Riverside Freeway. The property comprises a fully-leased, four-story Class A office building; two 58 percent-leased, single-story retail buildings and one fully-leased, single-story flex building. The financing was used for the office and flex assets. The site features an on-site Metrolink station, providing direct access to major employment and entertainment options throughout Los Angeles, Orange County and the Inland Empire.
The HFF debt placement team representing the borrower was led by Kevin MacKenzie, senior managing director, and Jamie Kline, associate.
“The on-site Metrolink station provides an opportunity for walkable, transit-oriented, mixed-use development in the Orange County area,” said Ray Lawler, managing director of Hines, in prepared remarks. “We see the transit-centered nature of the site as one of the most compelling features of the project and are eager to improve the campus through our strategic capital plan.”
Image courtesy of Hines