HFF Secures $13M Refi for Santa Monica Retail Property
- Mar 30, 2017
Los Angeles—HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a retail building in Santa Monica, Calif. The company placed the non-recourse fixed-rate loan with a correspondent life insurance company on behalf of the borrower, a local family office advised by The Luzzatto Co. Loan proceeds were utilized to supplement the long-term hold of the asset in the borrower’s core portfolio.
Located on Wilshire Boulevard between Franklin Street and Centinela Avenue, the 28,021-square-foot property completed in 1996 is fully occupied by CVS Pharmacy and BevMo. The single-story building located on .67 acres also features a partial subterranean garage and 77 parking stalls.
Director Jeff Sause, Senior Managing Director Paul Brindley and Associate Ryan Ash of HFF led the debt placement team representing the borrower. The retail property is located in one of the most affluent areas in greater Los Angeles County, with 23,043 households earning an average annual household income of $108,317 living within a one-mile radius of the property. According to Los Angeles county records, the property was last assessed at $10.6 million.
Image via Google Street View