The $82 million will be used to retire construction and pay for mezzanine financing on the development. Construction on the project began last year, and the center now posts a 99% occupancy rate. Tenants include Lowe's, Target, Best Buy, SportsMart, Linens N' Things, Marshalls and Staples.
Burbank Empire Center is part of a 103-acre, mixed-use project, master planned by Zelman that will include 600,000 sf of office space; a 160,000-sf Sears Great Indoors; a 160,000-sf Costco and two extended-stay hotels with a total of 350 rooms. The site is located not far from the Golden State (5) Freeway.
The financing for Burbank Empire Center was arranged by Paul Brindley of the commercial mortgage banking firm Holliday Fenoglio Fowler's Los Angeles office, through Wachovia Securities, a conduit lender.
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