MONROVIA, CA—Huntington Oaks Delaware Partners has secured two loans totaling $71 million for its Huntington Oaks Shopping Center in Monrovia, CA. The two loans are a $60.5-million senior mortgage loan and a $10.5-million mezzanine loan. These funds replaced a $51-million mortgage from Wachovia Bank.

According to Mark Lucescu, the president of Lucescu Realty, “the structure maximized loan proceeds.” Lucescu secured the funds on behalf of the borrower. He admits that the process was smooth with no challenges because “the property is performing very well.” The 328,711-square-foot shopping center is nearly fully leased with five anchor tenants: Kohl's, Trader Joe's, Toys 'R' Us, Marshalls and Bed Bath & Beyond, as well as several blue-chip tenants, including Petco, Party City, Black Angus, Chili's, Chase Bank, Panera Bread, Smashburger and Wells Fargo Bank.

Bank of America funded the two loans. Once the existing loan is paid off, the borrower will use the remaining capital to reimburse recent renovations to the center, which included new common areas, a new roof and the reconstruction of a new pad building. The funds will also be used to establish a reserve for future redevelopment of the property.

This financing package illustrates lender demand for quality shopping centers with high traffic. “Premier, well-performing centers are garnering strong interest from the lending community,” Lucescu tells GlobeSt.com. “Centers located in an infill location with high barriers of entry, posting strong tenant sales, are in very high demand in the lending community. This was an exceptional property and the lender interest confirmed that.”