Paul Brindley of Holliday Fenoglio Fowler, who arranged the financing, says borrower Torrance Crossroads Inc., which is controlled by an institutional investor, obtained the loan through Golden American Life Insurance Co., advised by ING Investment Management Co. The center was built in 1992 and is anchored by Vons Supermarket, Office Depot, Party City and Blockbuster. It is part of a larger regional center that includes Home Depot and Sam's Club, among the other tenants.
Brindley notes that occupancy at the center has averaged more than 98% for the past six years, a factor that helped the borrower to obtain favorable terms. Other factors included the property's strong infill location, its quality credit tenants and its institutional ownership, he says.
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