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ALHMABRA, CA-The Ratkovich Co. and Cigna Realty Investors will develop a seven-acre retail site and a Kohl’s department store at their the Alhambra development after securing a $98.6-million loan from Mass Mutual Financial Group to refinance the property. Wayne Ratkovich, president of the Ratkovich Co., calls the refinancing “an important step in our plans to evolve the Alhambra into an integrated urban community with housing, retail and recreational uses.” The Mass Mutual loan was placed by Brian Halpern and Ron Cox of LJ Melody & Co. Mass Mutual replaces iStar Financial Trust of New York, which provided financing during the project’s development phase.In addition to the one million sf of office at the Alhambra, plans for the 38-acre development at 1000 S. Fremont Ave. call for development of a separate seven-acre retail site on the west side of Fremont Avenue, across from the main campus, and a 98,000-sf location for Kohl’s Department Stores. Ratkovich notes that his company has already begun the development of the shopping center, which will be called the Shops at the Alhambra.Ratkovich initially purchased the Alhambra in late 1999 from Santa Fe International, which had acquired it as part of its acquisition of the CF Braun Co. Braun occupied the site as its international headquarters for more than 60 years. According to Clare De Briere, EVP of the Ratkovich Co., at the time of purchase the campus was less than 40% occupied and today it’s more than 90% leased. Major tenants include USC Keck School of Medicine, the County of Los Angeles, Tenet Healthcare and Southwest Administrators.

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