CBRE secured $36.4 million in post-acquisition financing for TRC to recapitalize the purchase of a 115,939-square-foot Target-anchored center in La Canada Flintridge. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek with CBRE’s Capital Markets Debt and Structured Finance team assisted in securing the seven-year, full-term interest-only loan on behalf of TRC.
“For best-in-class sponsors like TRC and best-in-class assets like La Canada Flintridge Town Center, the depth and breadth of debt capital available seeking these types of opportunities is as robust as we have seen in many years,” said Moothart.
Opened in 2008, the Target-anchored retail center at 935 Foothill Blvd. in La Canada Flintridge is 96.7% occupied by a mix of national and local retailers and restaurants. Tenants include HomeGoods, Panera Bread, Habit Burger and Taylor’s, a local steakhouse. TRC paid $66 million to acquire the property earlier this year, according to published reports.
