The owner of a Ralphs-anchored Mid-City shopping center secured a $63.8 million refinance amid increased consumer activity and a loosening of Covid restrictions.
YAR Associates secured the debt on its 216,813-square-foot Midtown Shopping Center at 4707 Venice Boulevard, according to Commercial Observer. LoanCore Capital provided the five-year, floating-rate mortgage that pays off existing debt and returns equity to the borrower, according to the report.
YAR acquired the 14-acre property in 2013 for $42.5 million.
The property is 88 percent leased. In addition to Ralph’s, Living Spaces, CVS and Planet Fitness are also tenants. Ralphs, which is owned by Kroger, earlier this year closed a location in Long Beach after objecting to the city’s pandemic hazard pay ordinance.
While California and L.A. County have gradually eased Covid restrictions on retailers and other businesses over the last several weeks and months, masks are still required in the workplace. The state will wait until June 15 to adopt the CDC’s recent policy that deemed it safe for fully vaccinated individuals to be maskless in most places.
[CO] — Dennis Lynch