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Last Updated ( Monday, 28 January 2013 14:25 )
DATE_FORMAT_LC2=Monday,January 28 2013 12:00:00 am EST   
George Smith Partners Arranges $185 Million for SoCal Retail Portfolio

LakewoodNEWS Lakewood Square in Lakewood, Calif.Los Angeles  — DJM Capital Partners has received $185 million to recapitalize its four-property, 962,000-square-foot Southern California retail portfolio. The Class A shopping centers that received loans include La Habra Marketplace in La Habra for $70.6 million, Village Del Amo in Torrance for $40.2 million, Montalvo Square in Ventura for $42.2 million, and Lakewood Square in Lakewood for $32 million. The properties have an average occupancy rate of 97.2 percent.

The portfolio loan allowed DJM to secure long-term, fixed-rate financing on these core assets. The funds will be used to pay off existing senior loans, mezzanine loans and defeasance costs. Steve Bram, David Pascale and Ari Shram of George Smith Partners arranged the financing.

"The challenge with this loan was achieving financing for all four properties in the portfolio from one lender," says Pascale. "Many of the lenders we approached were only willing to lend on one or two of the properties due to issues such as the partial ground lease at Montalvo and the lack of a grocery anchor at Village Del Amo. Two of the properties also had repositioning elements as part of DJM's plans."

 

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