Calera has contracted with Pacific West Management Co. toimplement a repositioning program to drive revenues to currentmarket levels. According to Jerry Binkley, president of Calera, thepurchase was "one of the most challenging acquisitions we have evermade due to the volatility in the debt markets." He adds that thecompany continues to be "aggressive acquirers in our pursuit ofCalifornia value-add product." The Brookstone property representsCalera's fourth acquisition in the past five months.

Marcus & Millichap Capital Corp. arranged a $23.4 millionfixed-rate loan for the acquisition. The financing was arranged byJake Roberts and Anita Paryani, senior directors in the West LosAngeles office of MMCC.

Roberts says that the financing provides more than $12,000 perunit in capital reserves for repairs and upgrades. "We convincedthe lender that the borrower would be able to achieve post-rehabrents based on the surrounding market and improvements planned forthe property," he says.