IRVINE, CA—Amos Smith, Ryan Chapman and Sean Skelton in the locally based office of Johnson Capital have arranged a $100-million credit facility secured by the historic Original Farmers Market property in Los Angeles. The heart of the transaction was to identify a capital source with the capability to offer both flexibility for future advances and stability in a fixed-rate loan for the underlying collateral.

The borrower is an entity controlled by the A.F. Gilmore Co., which purchased the site in 1880 and keeps its headquarters in the Gilmore Adobe on the Farmers Market grounds. At closing, the borrower completed a 10-year, fixed-rate interest-rate swap for $40 million of the credit facility, and it has five years to draw down the remaining committed amount.

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