Encompassing 362,000 sf, the shopping complex is 92% leased. It is anchored by Regal Cinema, 24-Hour Fitness, Marshall's, Smart and Final, Pic 'N' Save and Rite Aid.
The permanent financing has been arranged by the Newport Beach-based real estate investment bank, Buchanan Street Partners. The financing has yielded the borrowing entity a 7.5%, 10-year fixed rate, according to a company spokesperson.
News of the financing has come on the heels of a record year for Buchanan Street. The company recently reported that it arranged $814 million in debt and equity through 75 transactions last year, which reflects an increase of 98% above its 2000 performance. The investment bank's recent transactions include a $28-million capitalization in Long Beach, as well as more than $48 million in secondary funding in Marina del Rey.
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