LOS ANGELES—Agora Realty & Management hassecured a $23.5-million loan for Mason DevonshirePlaza, a 78,794-square-foot retail centeranchored by a Trader Joe's. The borrower will usethe funds to buy out its institutional equity partner.


“The loan provided the necessary leverage to re-capitalize theasset,” Kevin MacKenzie, HFFsenior managing director who led the charge to secure the funds onbehalf of the borrower, tells GlobeSt.com. “HFF and Agora workeddiligently to overcome one issue in cooperation with the lender tomake sure the loan stayed on track to close on time.” The loan hasa 10-year fixed-rate term, and was funded through LadderCapital Finance. In addition to securing the funds, HFF isalso servicing the loan.


Located at 10330 Mason Ave. in Chatsworth, the property is 100%to a tenant mix that includes Smart & Finaland Kahoots, in addition to its anchor tenantTrader Joe's, mentioned earlier. It was last renovated in 2004.


“This highlights the trend of the abundant amount of capitalchasing high quality retail assets with strong sponsors, and theability to re-capitalize projects that have performed well byutilizing only debt,” says MacKenzie. This abundance of capital ischasing deals across property sectors. HFF recentlysecured a $17 million loan for a six-propertymultifamily portfolio in Los Angeles. The borrowerwill use the funds to acquire additional properties next year.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.