Matt Douglas of the El Segundo office of Venture West Funding says the security for the loan consists of a leased fee interest in the Lowe's Home Improvement Center, a 113,000-sf building and an attached 24,450-sf garden center that occupy a 10.2-acre site on a long-term ground lease. The borrower is an affiliate of Robertson Properties Group of Los Angeles.
Douglas says the funding was provided by Keystone Mortgage, a correspondent for Americo Life of Kansas City, MO. He says Lowe's outstanding credit enabled the lender to provide a 20-year, fully amortizing fixed-rate loan at a very low interest rate and extremely high leverage. The Lowe's building is at the northwest corner of Beach Boulevard and Trask Avenue, south of the Garden Grove Freeway in the Westminster Gateway, a neighborhood center.
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