HFF Arranges Recapitalization of LA-Area Campus
- Feb 09, 2017
Alhambra, Calif.—HFF announced it arranged the sale of and secured debt and equity placements to facilitate the recapitalization of The Alhambra, located at 1000 S. Fremont Ave. in Alhambra, Calif.
HFF worked on behalf of The Ratkovich Co. and their institutional capital partner to recapitalize the campus with new equity and debt providers. The company will maintain a stake in the property along with its new partners, ELITE International Investment Fund and Future Land Holdings. In addition, HFF also worked on behalf of the new ownership group to secure $119.5 million in financing from a national lender for the full payment of the existing CMBS loan.
The Ratkovich Co. bought the site in 1999 and completed a $56 million renovation, leading to two large transactions that will bring the campus to 75 percent occupancy. The University of Southern California’s Keck School of Medicine will expand into an additional 22,475 square feet to enhance their USC Care program and The County of Los Angeles Parks and Recreation Division will moves its department headquarters into 55,583 square feet of space at The Alhambra.
The 45-acre, 1 million-square-foot, LEED Gold-certified mixed-use property comprises 11 buildings ranging between 30,000 and 250,000 square feet. The office and retail campus also offers amenities including a car wash, giant games, an LA Fitness, mobile dry cleaners, a putting green, snack shop and complementary Wi-Fi.
“Since we acquired the property nearly two decades ago, we’ve made it a priority to protect, enhance and expand The Alhambra—seeking ultimately to create a deeply rooted part of the local community and a business, service and innovation hub for Los Angeles county at large,” said Wayne Ratkovich, president & CEO of The Ratkovich Co.
The HFF investment sales, debt and equity team included Director John Crump, Senior Managing Director Michael Leggett and Managing Director Bill Fishel.
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