$58M Deals Ensure Permanent Financing

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IRVINE, CA-Two permanent loans totaling $58 million were lined up and waiting for developer Lewis Retail Centers before completion of two new recent projects, according to the Orange County office of Holliday Fenoglio Fowler. Don Curtis, senior managing director in HFF’s Irvine office, tells GlobeSt.com that the deals include a $40 million permanent loan for Lewis’ Eastvale Gateway and an $18 million loan for the developer’s Sierra Lakes Village.

Lewis typically holds its properties for the long term, so both loans are for terms beyond 10 years, according to Curtis. Both of the financings are with portfolio lenders who “committed to the loans before the completion of construction,” he says.