Newport Beach, Calif. (February 6, 2017) – Buchanan Street Partners has provided a $25 million loan to Euclid Plaza LLC, for Stater Bros. Plaza, a 73,641 square-foot retail center in Chino, California. The transaction represents Buchanan Street’s active bridge lending business, which provides expedited, flexible debt financings for high quality real estate projects.
“This is a contemporary, top-performing grocery-anchored shopping center offering a range of services and restaurants in an affluent section of Chino Valley,” said Matthew Doerr, vice president at Buchanan Street Partners. “We were attracted to this financing opportunity due to its secure in-place cash flow, strong tenant sales per square foot, diverse mix of internet-resistant retail tenants and significant amount of residential growth planned for the area,” added Doerr.
The immediate neighborhood is expected to add 48,000 single-family and apartment homes, 12 schools and 5 million square feet of industrial development. Stater Bros. Plaza, with the ability to add another 21,300 square feet of retail development, is expected to benefit from the growing residential base in the area.
Built in 2008, Stater Bros. Plaza was 96 percent leased at the time of the financing. In addition to Stater Bros., tenants include Sprint, Subway and others.
The borrower, Euclid Plaza, LLC, was represented in the refinancing by Executive Vice Presidents Marina Massari and Sharon Kline of CBRE’s Newport Beach, CA office. Buchanan Street represented itself.
“As we expand our new debt lending business, this project represents an ideal transaction with which to kick off 2017,” added Doerr.
Buchanan Street provides first mortgage capital and structured financing for high quality commercial properties. Buchanan Street’s new debt lending platform focuses on bridge loans in the $5 million to $25 million range, and is designed to perform more quickly than is common among more heavily regulated capital sources.
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