Gregory West of Johnson's Irvine office, who arranged the funding, tells GlobeSt.com that the deal is a refinancing of a center bought about a year ago. The shopping center is positioned at the southeast corner of Seventh Street and Pacific Coast Highway.
A Canadian life insurance company provided the loan, which is in the low 5% range with a 10-year term and a 30-year amortization.
The center, built in 1974, is anchored by a Ralphs supermarket and a Longs Drug Store. The asset was 100% occupied at the time of the loan closing.
Borrower Westar is a developer, owner, investor in and manager of neighborhood, community and freeway shopping centers. The company has developed and acquired 42 centers totaling more than five million sf, valued in excess of $600 million.
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