LOS ANGELES—The Abbey Co. has secured a $310 million bridge loan to refinance existing debt on a 34-property office and retail portfolio. The funds, which were secured through Prime Finance, include proceeds of $30 million, which the Abbey Co. will use for tenant improvements and to drive occupancy.

“We needed to replace debt that is expiring later this year, and we needed some capital to perform tenant improvements,” TJ Bard and Blake DeFluri of the Abbey Co. tell GlobeSt.com. “This was an opportunity to change the capital stack for the portfolio and obtain the dollars that we needed to improve the portfolio. We now have $30 million in capital to invest in the properties over the coming years, and we are looking to increase our occupancy and do a lot of deals with that money. The Abbey Co. is back in the market in a very strong and well-capitalized position.”

The Abbey Co. will use the majority of the loan proceeds to pay off two existing CMBS loans. Pricing and terms for the loan was not available, however, Abbey was very pleased with the outcome. “This loan gave us everything that we wanted. This was definitely a competitive marketplace, and we definitely had multiple offers,” say Bard and DeFluri. “We looked at more than just the economics. We looked at the ability of the lender to execute. The market has been interesting, and this size deal is going to draw a lot of attention.”

Located in secondary markets throughout Southern California, including in the Inland Empire, Los Angeles, San Diego and Orange County. The 34-property portfolio totals 3 million square feet and is approximately 80% occupied.

David Blitz, president of Los Angeles-based Nebo Capital secured the funds for the borrower, while Mark Nicoletti, real estate partner with Sklar Kirsh LLP acted as legal counsel for the borrower.