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Huntington Oaks Center Lands $71M

MONROVIA, CA—The shopping center secures two loans, a senior mortgage loan for $60.5 million and a mezzanine loan for $10.5 million, to replace a $51-million mortgage, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on October 08, 2014

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.

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