Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Developer and investment group Seligman & Associates has refinanced 21 multifamily, office/flex and retail properties in California and Nevada with $210 million in new loans, according to Holliday Fenoglio Fowler, which arranged the financing. The portfolio includes 12 multifamily buildings in Los Angeles, seven office/flex buildings in Orange and Los Angeles counties, and two retail centers in Henderson, NV and San Francisco.

Seligman’s new funding finances each property individually, without cross-collateralization or cross-defaulting, via 10-year, interest only loans through Bank of America. Holliday Fenoglio Fowler’s Susan Hill, Scott Galloway and Paul Brindley of the company’s Houston and Los Angeles offices report that the borrower sought the loans to refinance floating rate debt and to lock in long term rates with the current historically low fixed terms available. Hill, Galloway and Brindley arranged the loans for Seligman & Associates Inc. and its affiliates. The multifamily portfolio properties, built in the late 1920s and early 1930s and substantially renovated since then, average more than 95% occupancy. The seven multitenant office properties, which comprise more than one million sf and were built in the late 1980s and early 1990s, have consistently maintained some of the highest occupancies in their respective submarkets. Seligman was the original developer on three of them, then bought the remaining four in the late 1990s and 2000. The two retail properties total 217,315 sf.

Seligman, which maintains corporate offices in San Francisco and Michigan and is planning a Century City office, was founded in 1954 and has developed throughout the West. The 12 Los Angeles properties in the portfolio that it financed include 61-unit Gramercy Towers, 32-unit Gramercy Manor, 58-unit Serrano Towers, 61-unit Sir Francis Drake, 59-unit St. Andrew Manor, 76-unit The Barclay, 81-unit The Du Barry, 55-unit The Fleur De Lis, 51-unit The Fontenoy, 54-unit The Havenhurst, 183-unit The Langham and 75-unit The Piccadilly. The seven Orange County and Los Angeles County office/flex properties that were refinanced include the 143,650 sf Anaheim Hills Business Center, the 148,742 sf Bridgecreek Garden Grove, the 188,040 sf Capistrano Business Center Phase I and the 98,347 sf San Juan Capistrano Business Center Phase II, the 131,082 sf Cedarbrook Business Park Office in Garden Grove, the 113,788 sf Fountain Valley Commerce Center in Fountain Valley and the 208,493 sf Valley View Commerce Office in Santa Fe Springs. The two retail properties include the 53,004 sf Ocean Dorado Retail in San Francisco and the 164,311-sf Crossroads at Sunset Retail in Henderson, NV.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.