LOS ANGELES—Western Avenue Capital has secured $21 million for Western Plaza, a 115,341-square-foot shopping center anchored by a Food 4 Less grocery store. The borrower will use the funds to refinance existing short-term debt secured in 2012.
The loan has a 10-year term with a fixed rate, and was funded by Nationwide Life Insurance Co. It includes a three-year interest-only period and an open prepayment option in the last three years of the loan term.
“Western Plaza generated over 15 offers to lend, and Nationwide emerged with a loan offer that best suited Western Capital’s long term investment strategy,” Peter Smyslowski, managing director at HFF, tells GlobeSt.com. Smyslowski secured the funds on behalf of the borrower along with HFF associate director Jeff Sause and HFF associate Walter Chui.
Located at 1645-1717 Western Avenue in Los Angeles, the property is 100% leased to both national and regional tenants, which helped to attract so many strong lenders. The property’s tenant mix includes CVS, Factory 2U, Anna’s Linens and Carl’s Jr.
In an exclusive Q&A published yesterday on GlobeSt.com, Gary E. Mozer, principal and managing director at George Smith Partners, told GlobeSt.com that in grocery-anchored centers, like this one, are particularly popular, and attract a lot of interest from institutional capital.