LOS ANGELES—Western Avenue Capital has secured $21 million for Western Plaza, a 115,341-square-foot shopping center anchored by a Food 4 Less grocery store. The borrower will use the funds to refinance existing short-term debt secured in 2012.

The loan has a 10-year term with a fixed rate, and was funded by Nationwide Life Insurance Co. It includes a three-year interest-only period and an open prepayment option in the last three years of the loan term.

“Western Plaza generated over 15 offers to lend, and Nationwide emerged with a loan offer that best suited Western Capital's long term investment strategy,” Peter Smyslowski, managing director at HFF, tells GlobeSt.com. Smyslowski secured the funds on behalf of the borrower along with HFF associate director Jeff Sause and HFF associate Walter Chui.

Located at 1645-1717 Western Avenue in Los Angeles, the property is 100% leased to both national and regional tenants, which helped to attract so many strong lenders. The property's tenant mix includes CVS, Factory 2U, Anna's Linens and Carl's Jr.

In an exclusive Q&A published yesterday on GlobeSt.com, Gary E. Mozer, principal and managing director at George Smith Partners, told GlobeSt.com that in grocery-anchored centers, like this one, are particularly popular, and attract a lot of interest from institutional capital.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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