LOS ANGELES – The Hudson Team of George Elkins Mortgage Banking Company has arranged two CMBS loans totaling $71.7 million secured by two neighborhood retail centers Fullerton, CA and Lacey, WA.
In the larger of the two financings, The Hudson Team secured for Orangefair, LLC, a $44.8 million permanent fixed rate loan to refinance the Orangefair Marketplace, a 324,806-square-foot retail center located at East Orangethorpe and South Harbor Boulevard in Fullerton. Orangefair, LLC acquired the 1960’s-era open air center in 2002 and spearheaded a multimillion renovation that was completed in 2004. Anchored by a 31,000-square-foot Marshalls, Orangefair Marketplace is currently 98 percent occupied to a mix of more than 30 local and national retailers including Best Buy, Michaels, Skechers, and Burlington Coat Factory.
In a separate financing, The Hudson team arranged a $26.9 million loan to refinance The Landing at Hawks Prairie, a neighborhood retail center comprising 117,000 square feet of pad and inline space. Located in the Olympia, WA suburb of Lacey, near the corporate headquarters of Intel and State Farm Corporation, The Landing at Hawks Prairie was developed over two phases between 2008 and 2013. With frontage along Interstate 5, the Landing is 93 percent leased to a mix of restaurants and community serving retail including LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone, and Kiddie Academy. The center is shadow anchored by a Costco, Home Depot and Wal-Mart Super Center. The borrower is a limited liability company operating as The Landing at Hawks Prairie, LLC.
“The CMBS structures enabled both borrowers to get competitive 10 year fixed rate financing with 30 year amortization,” stated Principal Jeffrey M. Hudson.
About George Elkins Mortgage Banking Company
George Elkins Mortgage Banking (http://www.gemb.com) has been originating and servicing commercial real estate loans in the Southern California market for more than 80 years. Focused exclusively on arranging debt and equity financing for commercial real estate properties, today George Elkins Mortgage Banking originates in excess of $725 million of loans annually and provides loan servicing functions for our correspondent lenders for a loan portfolio valued at nearly $1 billion. The Hudson team is led by Jeffery A. Hudson, who has arranged more than $10 billion in financing of property types including office, industrial, retail, apartment, hotel, mobile home park, and mini-warehouse. Other members of the team include Kevin James Dinneen, Bryan Stanley Gortikov, Denise Spinelli and Jason Lambertson.