$162 Maxxam Refinancing Funds New Deals

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BEVERLY HILLS, CA-Maxxam Enterprises has arranged $162 million in refinancing for three of the privately held company’s premier assets and plans to use the proceeds for a variety of purposes, including upgrades to existing properties and investments in new acquisitions. The refinancing package, arranged by Bob Safai of Los Angeles-based Madison Partners, includes a $60 million loan for Janss Marketplace Shopping Center in Thousand Oaks, a $55.1 million loan for the Promenade Gateway in Santa Monica and $47 million for the Beverly Hills Gateway Tower in Beverly Hills.

Each of the three is a 10-year fixed-rate loan provided by Countrywide at what is described as a very competitive rate. Beverly Hills-based Maxxam plans to use most of the funds to acquire new properties as it aggressively seeks new deals.