ONTARIO, CA – Karlin Real Estate Lending has provided Centers Dynamic, Inc., with a $9.2 million bridge loan to fund the acquisition of a vacant 45,650 square-foot Albertsons and refinance the debt on the existing inline space at Grove Plaza, a neighborhood shopping center in Southern California’s Inland Empire.
With the acquisition of the grocery space, Center Dynamic’s now owns 83,990 square feet of the 122,605 square-foot center located at 1151-1161 Walnut Avenue in Ontario. The remainder of the square footage is made up of five independently owned pad spaces. Grove Plaza is co-anchored by a CVS Pharmacy, and features several national tenants including Kragen Auto Parts, Baskin Robbins, Subway, Burger King and Wells Fargo.
“A portion of the loan proceeds will be used to fund the costs associated with the lease up of the remaining vacant space at the center which should be accelerated with the addition of 99¢ Only Store, which has signed a lease to occupy half of the former Albertson’s space,” according to Karlin Real Estate Managing Director Larry Grantham.
“The sponsor has a successful track record and deep understanding of neighborhood centers and local property markets,” said Grantham. “With our financing, they were able to add the anchor space to their existing holdings, and are already applying their expertise to re-tenant Grove Plaza.
About Karlin Real Estate Lending
Karlin Real Estate Lending (http://www.karlinre.com/index.html), a Los Angeles-based Bridge Lender backed by $1.5 billion in long-term equity capital, has deployed more than $250million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States. Karlin Real Estate Lending is the lending arm of Karlin Real Estate, an affiliate of private investment firm Karlin Asset Management.