LOS ANGELES—Agora Realty & Management has secured a $23.5-million loan for Mason Devonshire Plaza, a 78,794-square-foot retail center anchored by a Trader Joe's. The borrower will use the funds to buy out its institutional equity partner.

“The loan provided the necessary leverage to re-capitalize the asset,” Kevin MacKenzie, HFF senior managing director who led the charge to secure the funds on behalf of the borrower, tells GlobeSt.com. “HFF and Agora worked diligently to overcome one issue in cooperation with the lender to make sure the loan stayed on track to close on time.” The loan has a 10-year fixed-rate term, and was funded through Ladder Capital Finance. In addition to securing the funds, HFF is also servicing the loan.

Located at 10330 Mason Ave. in Chatsworth, the property is 100% to a tenant mix that includes Smart & Final and Kahoots, in addition to its anchor tenant Trader Joe's, mentioned earlier. It was last renovated in 2004.

“This highlights the trend of the abundant amount of capital chasing high quality retail assets with strong sponsors, and the ability to re-capitalize projects that have performed well by utilizing only debt,” says MacKenzie. This abundance of capital is chasing deals across property sectors. HFF recently secured a $17 million loan for a six-property multifamily portfolio in Los Angeles. The borrower will use the funds to acquire additional properties next year.