BEVERLY HILLS, CA—Lucent Capital has arranged $11.05 million in permanent financing to recapitalize two Southernproperties owned by a Beverly Hills-based investment group.
“The recapitalization allowed the property owner to significantly reduce its borrowing cost and to lock in low interest, fixed rates before the properties were fully stabilized,” said Lucent Capital Managing Director Farzin Emrani.
Lucent Capital secured a $6.95 senior loan for The Village at Dos Vientos, a 56,377-square-foot class-A retail and office property in Thousand Oaks, Calif. The 65-percent occupied complex was built in 2008. The seven-year term portfolio loan will float interest only for 12 months at Libor plus 2.50 percent and then will be fixed for the remaining years at 4.06 percent.
The company also secured a $4.1 million senior loan for Plaza at Point Happy. The class-Ain La Quinta, Calif. is 38,724 sq. ft. and 76 percent occupied. The 10-year term portfolio loan is fixed at 4.38 percent.