The owners of a recently repositioned Los Angeles shopping center received a $21 million refinancing from Nationwide Life, Mortgage Observer has first learned.
Western Plaza, a 115,341-square-foot retail center in the Harvard Heights area of Los Angeles, received a 10-year, fixed-rate loan, according to a representative for HFF, which brokered the deal.
Loan proceeds were used to refinance existing short-term debt previously procured by HFF. The previous loan, originated when the owners, Western Avenue Capital, bought the strip center, was a fixed-rate loan with a three-year interest-only period as well as an open prepayment option in the final three years of the loan term.
The HFF team was led by Managing Director Peter Smyslowski, Associate Director Jeff Sause and Associate Walter Chui.
“Western Plaza is the epitome of an infill location as evidenced by a top performing Food 4 Less,” Mr. Smyslowski said in a statement to Mortgage Observer.
Western Plaza sprawls nearly seven acres at the corner of Venice Boulevard. In addition to anchor Food 4 Less, the center’s tenants include CVS, Anna’s Linens, Payless ShoeSource and Carl’s Jr., many of which were signed after Western Avenue Capital took ownership, according to the representative.