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SANTA CLARITA, CA-Hopkins Real Estate Group has secured $19.15 million in permanent financing for its 57,000-sf Highridge Crossing shopping center, according to Cohen Financial of Newport Beach. Cohen arranged the financing on behalf of Hopkins, an Irvine-based retail development specialist and retail center operator.
The $19.15 million in new debt repays a construction loan and provides permanent financing for the 57,474-sf community shopping center, according to Mark Strauss, managing director in Newport Beach for Cohen Financial. The center, which is anchored by Office Depot, is situated on a development site of 7.4 acres at the northeast corner of Newhall Ranch Road and Copperhill Drive.
Strauss, who originated the transaction, says that the loan was , structured as a forward commitment for Hopkins, locking in the rate on November 1, 2005 while the loan funded on Aug. 31 of this year. The non-recourse debt financing, via a conduit lender, runs for a 10-year term and closed at an 80% loan-to-value ratio.
The lender demonstrated flexibility in providing Hopkins with a fully funded loan on Aug. 31, "even though the shopping center was slightly under the lender's required leasing threshold of 95% at the time of closing," notes Strauss. The Cohen Financial managing director also secured the construction financing on Highridge.
In addition to Office Depot, tenants at Highridge Crossing include Starbucks, Washington Mutual, Wendy's, Supercuts and Panda Express. The new center is one of a host of projects either completed or under way by Hopkins, which is one of the Southland's most active retail developers.
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