NEWPORT BEACH, CA—HFF has arranged $29.6 million in acquisition financing for four portfolios containing 22 separate properties with established Del Taco restaurants in Southern California.
HFF worked on behalf of the borrower, a joint venture between Capital Real Estate Ventures, Inc. and Orion Investment and Management Ltd. Corp., to place the non-recourse, two-year, floating-rate loan with the Wells Fargo Restaurant Finance Group.
The four portfolio properties all have new long-term leases with Del Taco, a fast food restaurant chain specializing in Mexican cuisine. The properties are all located in Southern California communities - Colton, Highland, Lake Elsinore, La Verne, Moreno Valley, Palmdale, Placentia, Perris, Rancho Cucamonga, Rialto, Riverside, Sacramento, Temecula, Thousand Palms, Torrance, Upland, Walnut, Victorville and Vista.
The HFF debt placement team representing the borrower consisted of senior managing director Kevin Mackenzie and director Greg Brown.
"We obtained a unique financing structure with an excellent lender in order to allow our client to execute their business plan with this portfolio," Brown said.
"We were extremely pleased with the professionalism, attention to detail and follow through with Greg Brown and his team at HFF," said Capital RE Ventures president Randy Rivera. "This is the third loan we have closed with HFF within the past six months, and each loan comes with its own unique set of challenges that HFF was able to foresee and they were very proactive in solving those challenges."