Cadence secured the funding from Inland Mortgage Corp. of Oak Bridge, IL in a deal arranged by Leslie Lundin of Inland's Walnut Creek, CA office. The non-recourse loan was for 85% of the purchase price for a 12-month term. The fixed-rate loan is at 1.5% over prime.
Cadence Capital bought the Haven Village center from TC Haven Village LP of La Jolla, CA. The 17-year-old shopping center is at the northeast corner of Haven Avenue and the 210 Freeway. It occupies about a five-acre parcel and has more than 500 parking spaces. The center was approximately 83% occupied at the time of the loan closing.
The borrower is looking to capitalize on the recent opening of the nearby freeway, according to Lundin, who says two lots that are being developed close to the shopping center should add significant value to the property. Cadence Capital was represented by Charley Babb of Johnson Capital in Denver.
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