Donahue Schriber Closes $308M in Financings

Lisa Hirose, chief financial officer for Donahue Schriber, says that the Costa Mesa-based company was able to secure the new funding despite the stagnant capital markets conditions because the company has cultivated its lending relationships over many years and maintains a strong portfolio of assets in all market conditions. "Despite the turbulent market," Hirose says, the firm continues to have access to funding and favorable terms.

In the $187 million refinancing, Teachers Insurance and Annuity Association of America provided the funding in the form of a fixed-rate refinancing the nine-center shopping center portfolio. In the other transaction, the $121 million loan was made by a syndication of lenders led by Bank of America that includes Wells Fargo Bank, PNC Bank and US Bank.

The nine retail centers that were refinanced include two in Southern California, five in Northern California and two in Nevada. The Southern California properties are the 190,439-square-foot Fountain Valley Promenade in Fountain Valley and the 93,438-square-foot South Coast Marketplace in Santa Ana.

The Northern California properties included the 541,701-square-foot Santa Rosa Marketplace in Santa Rosa, the 444,759-square-foot Laguna Crossroads and the 119,173-square-foot Laguna Creek Town Center, both in Elk Grove; the 84,684-square-foot Rock Creek Plaza in Rocklin and the 81,082-square-foot Antelope Video center in Antelope. The Nevada properties were the 159,621-square-foot Pebble Marketplace in Henderson and the 106,838-square-foot Las Palmas Village in Las Vegas.

Donahue Schriber has opened five retail centers this year totaling more than 1.5 million square feet and has plans to start construction on four centers in 2009. The company operates a portfolio of 16 million square feet throughout California, Nevada, Arizona and Oregon. It has been involved in nearly 30 million square feet ofretail properties during its 39-year history.