MOORPARK, CA-Developers of a new shopping center called the Village at Moorpark have landed a $29.77 million loan to finance construction of the project, which will join an office project being undertaken by the same developers. The financing was arranged by the Los Angeles office of Holliday Fenoglio Fowler on behalf of the Village at Moorpark LLC.
Peter Smyslowski of Holliday Fenoglio Fowler reports that the funding is a 30-month, adjustable-rate loan through Fremont Investment & Loan. The Village at Moorpark LLC is a jointventure between Miller Parkway Holdings and M.W. Ossola & Associates.
The loan is 90% leveraged and non-recourse at a spread of 3% over LIBOR, notes Smyslowski, adding that the loan closed while the developer was still in negotiations with anchor tenants. At closing, the property was nearing 70% preleased.
The Village at Moorpark is being developed on 11.5 acres at the southwest corner of Miller Parkway and New Los Angeles Avenue, close to the 118 and 23 freeways. Tenants include Chick's Sporting Goods, Staples, Petco and others expected to be signed later.
The development site is next to both the Moorpark Marketplace, which is anchored by Target and Kohl's, and the 450,000-sf Moorpark Freeway Corporate Center, which is also a Nearon Enterprises and M.W. Ossola venture. Miller Parkway Holdings is managed by Nearon Enterprises, a San Francisco area real estate investment company.
M.W. Ossola & Associates is a Calabasas-based real estate developer that has joint ventured with Nearon Enterprises on numerous Southern California developments. This is the third retail project financed by Holliday Fenoglio Fowler on New Los Angeles Avenue in Moorpark.
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