JLL Capital Markets arranged $65 million in refinancing for Wateridge, a six-building office and retail campus totaling 583,580 square feet at 5100-5150 W. Goldleaf Cir. in West Los Angeles. The JLL team led by managing directors Todd Sugimoto and Mark Wintner and director Chad Morgan worked on behalf of the borrower, LPC Realty Advisors I, LLC, an investment advisory affiliate of Lincoln Property Company, to secure the five-year, fixed-rate financing with Deutsche Bank.
Built between 1989 and 2005, Wateridge’s campus spans 21 acres and consists of three multi-tenant office buildings, a single-tenant medical office, a standalone 24-hour fitness facility and a multi-tenant strip retail center. The campus is 80% occupied and leased to credit tenants including Kaiser Health Foundation, the County of Los Angeles and Providence Health.
“The LPC team has done a terrific job transforming Wateridge since their initial acquisition,” said Morgan. “The combination of strong cash flow and institutional ownership within West Los Angeles were instrumental to the successful refinance. We greatly appreciate the efforts amongst all parties involved to execute in today’s challenging environment.”
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