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$33 Million Financing Arranged for Three Shopping Centers in California and Seattle
25 Jan, 2010, New York
Cushman & Wakefield Sonnenblick Goldman has arranged a $33 million senior loan secured by three shopping centers on behalf of a joint venture between Kimco Realty Corporation and investors advised by Prudential Real Estate Investors. The loan was provided by a U.S.-based affiliate of an offshore bank.
The three properties securing the loan are Del Norte Plaza in Escondido, Calif.; Gardena Gateway Center in Gardena, Calif.; and Jefferson Square in Seattle, Wash. Combined, the properties have a total of approximately 444,000 net rentable square feet, occupied by many long-term tenants, including Safeway, Von's, Tawa Market, CVS, Bartell Drugs, and LA Fitness. The properties were acquired by the Kimco / PREI® joint venture as part of its acquisition of Pan Pacific Retail Properties Inc. in October 2006.
"Despite the fact that the commercial real estate lending market is still adjusting to dramatic shifts in the overall economy, a significant number of lenders provided us with attractive financing proposals for these properties," noted Steve Kohn, president of Cushman & Wakefield Sonnenblick Goldman.
Mark Ehlinger, executive director of Cushman & Wakefield Sonnenblick Goldman, commented, "The financial strength of the Kimco / PREI® ownership and the properties' long-term, stable operating histories were particularly important considerations for the lenders who bid on this opportunity."