Robertson Properties Grabs LA Retail Financing

The owner landed $21 million for the building comprising more than 50,000 square feet, which is fully leased to Ralphs grocery store.
1644 Cloverfield Blvd. in Santa Monica, Calif.

Robertson Properties Group has taken a $21 million refinancing package on a 51,000-square-foot Ralphs grocery store in Santa Monica, Calif. The permanent, fixed-rate mortgage is held by John Hancock Life Insurance Co. Venture West Funding secured the loan for the owner.

Located at 1644 Cloverfield Blvd., the building sits alongside Olympic Boulevard, less than half a mile from Interstate 10. The structure is positioned near a number of public transportation options at the edge of the Colorado Avenue retail corridor. The single tenant signed its lease in 1993, according to Los Angeles County records.

“We were pleased to have placed another loan for this developer at a competitive long-term fixed rate,” said Venture West Principal Matt Douglas, who arranged the financing, in a prepared statement. “Together with John Hancock Life Insurance Co., we were able to satisfy the borrower’s objectives by retiring the existing debt and providing cash out for future investments. We were also pleased they locked at a favorable time before the recent rise in interest rates.”

Earlier this year, John Hancock Life Insurance Co. provided a $40 million non-recourse mortgage loan for Preferred Office Properties’ acquisition of Armour Yards, a development containing four recently converted office buildings in Atlanta’s Buckhead submarket. 

Image via Google Maps