388,000-SF Center Gets $61M Loan

CHINO HILLS, CA-Holliday Fenoglio Fowler LP has arranged $61 million in financing for the Shoppes at Chino Hills. HFF worked on behalf of Newport Beach-based Chino Hills Mall LLC to secure the 5.2%, 10-year fixed-rate loan through Citigroup Global Markets Realty Corp.

The investment group purchased the 388,000-square-foot trophy lifestyle center all cash in June 2010 for $94.5 million, as GlobeSt.com previously reported, in a sale also arranged by HFF, with the intention of securing financing after initial stabilization and definition of the merchandising and marketing direction. At the time, HFF senior managing director Ryan Gallagher, who led the team that marketed the property, told GlobeSt.com when the center went on the market that it represented “a really rare opportunity to pick up a trophy asset, at a discount, 18 months after it was developed.” Gallagher pointed out that the center was cash-flowing and represented “an asset that would not be available if it hadn’t been for an entity-level bankruptcy.”