March 28, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $12.6 million refinancing for 3202-3212 Wilshire Boulevard, a 28,021-square-foot, 100-percent-occupied retail building with subterranean parking in Santa Monica, California.
Working on behalf of the borrower, a local family office advised by The Luzzatto Company, Inc., HFF placed the non-recourse, fixed-rate loan with a correspondent life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.
Constructed in 1996, 3202-3212 Wilshire Boulevard is fully occupied by CVS Pharmacy and BevMo. The one-story retail building has a partial subterranean garage and a total of 77 parking stalls. Situated on .67 acres in Santa Monica, the property is in one of the most affluent areas in greater Los Angeles County; 23,043 households earning an average annual household income of $108,317 live within a one-mile radius of the property. The retail building is located in the Santa Monica submarket on Wilshire Boulevard between Franklin Street and Centinela Avenue.
The HFF debt placement team representing the borrower was led by director Jeff Sause, senior managing director Paul Brindley and associate Ryan Ash.[button href=”http://luzzattocompany.com” style=”flat” size=”medium” color=”#1e73be” target=”_blank”]FOLLOW LUZZATTO COMPANY[/button]