Buie Stoddard Group secured a refinancing package for five shopping centers in Southern California.
The Laguna Niguel-based investment firm secured a $54 million credit facility from Refinance Group of America and River City Bank, Commercial Observer reported. The individual loans ranged from $5 million to $25 million.
Four of the properties are in Orange County, and one in San Diego County. Quality renovations and “standout locations” won Buie Stoddard “favorable 10-year fixed-rate pricing with long-term amortizations,” said MetroGroup Realty Finance’s Patrick Ward, who arranged the financing on behalf of the firm.
The Orange County portfolio includes the Commons at Aliso Viejo spanning 26,540 square feet in Aliso Viejo, the 98,200-square-foot Laguna Niguel Town Center, the 17,100-square-foot Moulton Plaza in Laguna Niguel. and the 40,500-square-foot Ortega Village shops in San Juan Capistrano. Plus the 20,600-square-foot High Country Plaza in San Diego.
It’s the latest refinancing package for retail properties in Southern California in recent months. Shopping center juggernaut Unibail-Rodamco-Westfield secured a $925 million refinancing package in July for Westfield Century City. Bank of America, Goldman Sachs, Morgan Stanley, Santander Bank and a Deutsche Bank affiliate provided the financing for the 1.4 million-square-foot mall near Beverly Hills, often cited as one of the best-performing shopping centers in the country.
Regency Centers that same month purchased a five-property retail portfolio in Orange County for $357 million. The Los Angeles-based firm bought Bridgepark Plaza, Mercantile West, Mercantile East and Terrace Shops in Ladera Ranch as well as Sendero Marketplace Rancho Mission Viejo.
Hines acquired the mixed-use Runway Playa Vista district in Playa Vista last month for $428 million. Also in September in Southern California, Brookfield sold off its 727,000-square-foot portion of The Shoppes at Carlsbad for $71.5 million, marking a sharp drop from the $170 million it paid for the mall in 2015.
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Commercial
Los Angeles
Unibail-Rodamco-Westfield nears $925M refi deal for Westfield Century City mall
Commercial
Los Angeles
Hines takes off with Runway Playa Vista in $428M trade
Commercial
Los Angeles
Regency Centers scoops up five retail properties in Orange County for $357M