WESTLAKE VILLAGE, CA-Crow Holdings of Dallas has landed a $24.65-million loan to finance the acquisition of the 83,000-sf North Ranch Gateway community shopping center, according to Holliday Fenoglio Fowler. Paul Brindley of the Los Angeles office of HFF tells GlobeSt.com that there was "a lot of competition" among prospective lenders for the deal, which finances Crow's purchase of the 82,582-sf community shopping center from a locally based private investor.
The financing is a 10-year, 6.36% fixed-rate loan with Cigna Investments. The 72% leveraged loan carries a five-year, interest-only period followed by a 30-year amortization schedule.
North Ranch Gateway comprises in-line shops, two pad sites and a freestanding building. Anchored by TJ Maxx, it is fully occupied by a roster of tenants including Subway and Cort Furniture. It sits on a 6.4-acre site at 30805 E. Thousand Oaks Blvd., close to the Ventura Freeway.
Brindley says the property, which was built in two phases in 1987 through 1989, is considered likely to outperform other comparable centers. He cites the "limited opportunity for new development of comparable projects" in the affluent community of Westlake Village, along with high rental rates, good tenant quality and low turnover.
Crow Holdings owns and manages a total of approximately $6 billion in real estate on behalf of its owners, and private and institutional partners.
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