Paul Brindley of the Los Angeles office of Holliday Fenoglio Fowler reports that the seven-year, 5.39% fixed-rate securitized loan was made through Greenwich Capital Markets, a conduit lender. Zelman is a Los Angeles-based real estate development company that specializes in retail centers and industrial properties. Somera Capital Management is a Santa Barbara-based real estate private equity firm that invests capital with joint venture operating partners through the Somera Realty Value Fund.
Moorpark Marketplace is close to State Highway 23 (Moorpark Freeway) and is more than 95% leased to tenants including, Kohl's, Linens 'n Things, Michaels and TJ Maxx.
Although Kohl's has been open for almost a year, the project is just finishing final completion and some of the tenants are not in yet, notes Brindley. Once the final tenants move in, however, the building will be fully leased with no significant turnover during the seven-year loan term, he says.
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