Life Co. Backs Major Retail Center Refi

Plaza 183 was renovated in 2014 and 2015.

LOS ANGELES—An institutional investor operating as Cerritos Retail CenterCal LLC has secured $66 million to refinance Plaza 183, a destination retail center in Cerritos. The 360,875-square-foot retail property was renovated in 2014 and 2015, and the loan proceeds will be used to refinance the acquisition and renovation financing.

While the retail market has come under question, there is still lender demand for deals like this, with core properties and institutional ownership. “We continue to see strong demand from lenders for core deals with institutional sponsorship such as Plaza 183,” Steven Paskover of HFF’s debt placement team tells GlobeSt.com. “However, deals that have some challenges are becoming increasingly more difficult to finance and non-recourse construction financing in particular has become very difficult to place.” Paskover secured the funds on behalf of the borrower, along with HFF’s Paul Brindley and Eric Tupler.