LOS ANGELES-A locally based partnership has lined up $88.4 million in loans to refinance a 21-property mixed-use portfolio of Los Angeles area office, multifamily, retail, industrial and self-storage assets, according to Holliday Fenoglio Fowler. The package included three loans that produced "a low loan-per-sf ratio," according to Paul Brindley of the Los Angeles office of HFF, who teamed with Scott McMullin and John Crump of HFF's L.A. office to arrange the financing.
The borrower is a partnership between Angelo Gordon & Co. and locally based Barker Pacific Group, to secure three loans. The largest of the three financings is a $45.6-million, 10-year, fixed-rate loan for the self-storage assets in the portfolio. The other two included a $33-million secured revolving credit line for the office, multifamily and retail assets and a $9.8-million, seven-year, fixed-rate loan for the industrial assets.
Conduit lender Bank of America CMBS Capital Markets provided the $45.6-million loan and the $9.8-million loan, while Bank of America provided the $33-million credit line.
The portfolio comprises 6,241 self-storage units in 10 locations. The remaining three industrial, five retail, one office and two multifamily properties are at or close to 100% occupied.
The portfolio includes assets in locations throughout the Los Angeles area, among them Cerritos, San Dimas, Placentia, Paramount and Rancho Cucamonga. One of the properties is a self-storage asset in Santa Maria, several hours north of Los Angeles.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.