Donahue Schriber Closes $308M in Financings

COSTA MESA, CA-Shopping center developer and private REIT Donahue Schriber has closed $308 million in new financings in two separate transactions. The company refinanced nine shopping centers totaling more than 1.8 million square feet for $187 million and arranged a separate $121 million loan, with proceeds to go toward acquisitions and development in the Western US.

Lisa Hirose, chief financial officer for Donahue Schriber, says that the Costa Mesa-based company was able to secure the new funding despite the stagnant capital markets conditions because the company has cultivated its lending relationships over many years and maintains a strong portfolio of assets in all market conditions. “Despite the turbulent market,” Hirose says, the firm continues to have access to funding and favorable terms.

In the $187 million refinancing, Teachers Insurance and Annuity Association of America provided the funding in the form of a fixed-rate refinancing the nine-center shopping center portfolio. In the other transaction, the $121 million loan was made by a syndication of lenders led by Bank of America that includes Wells Fargo Bank, PNC Bank and US Bank.