A 34,000 net rentable sq. ft. single-tenant retail building fronting along one of West Los Angeles’ main thoroughfares. The other property, part of a power center in Oceanside, consists of two tenants in a total of 44,000 net rentable sq. ft.
West Los Angeles and Oceanside, CA
HRC has arranged a combined $18.4 million in non-recourse, long-term, fixed-rate financing to refinance both properties out of their respective bridge loans. Both transactions required the lender to fund before the tenants had significant operating histories. In the Oceanside property, one of the two tenants had yet to take occupancy; remaining leasing costs and rent abatement were accounted for using a holdback structure. Both transactions were full-term interest-only.