November 18, 2019 – JLL announced today that it has arranged $110 million in acquisition financing on behalf of Boardwalk Investments Group for a 12-property portfolio of primarily Class A anchored and high street retail property in Newport Beach, Laguna Beach, Yountville and Corona Del Mar, California.
JLL placed the three-year, floating-rate loan with two one-year extension options with H.I.G. Realty Partners.
Key assets within the portfolio include a CVS-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored shopping center located at 3100-3152 Newport Blvd. on the Balboa Peninsula in Newport Beach; a high-street retail shopping center located at 2902 West Coast Highway in Newport Beach; a fine dining retail asset located at 6725 Washington Street in Yountville (Napa); and multiple coastal assets in Newport Beach.
The JLL Capital Markets team representing the borrower was led by Senior Director John Chun, Director John Marshall and Analysts Sam Godfrey and Jake Fideler. Michael Mestel, managing director, ran the transaction on behalf of H.I.G.’s real estate credit fund.
“Our client approached us with a complex transaction on a short closing timeline,” Chun said. “JLL was able to run a competitive bidding process in less than a week and obtain attractive bridge financing with certainty of execution while streamlining their future debt needs.”
“Boardwalk Investments Group is excited to announce two strategic Class A retail acquisitions in Laguna Beach and Napa, as well as refinance a portion of our portfolio,” said Tom Lam, Managing Director of Boardwalk. “Both JLL Capital Markets and H.I.G. provided best-in-class execution and we’re positioned to continue to scale our platform and pursue trophy-quality assets across coastal California.”