Newport Beach, CA (April 8, 2019) – SRS Real Estate Partners’ has secured a $6.5 million loan for the acquisition of Mimi’s Plaza, a 30,795-square-foot multi-tenant retail center in Tustin, CA.
Ben Townsend and Matt Marlin of SRS’ Debt & Equity team structured the non-recourse, 5-year loan on behalf an out of state private investor. The interest rate was fixed at 4.65 percent and the loan was amortized over 30 years.
“Our borrower needed non-recourse financing and a flexible prepayment penalty,” said Townsend. “We were able to provide a fully non-recourse loan that included a step-down prepayment penalty as opposed to yield maintenance or defeasance. We also successfully negotiated $500,000 more in proceeds when other lenders and mortgage brokers were maxing out at $6 million.”
Marlin added, “Although our client had limited experience in owning retail properties, we were able to ensure that our lender focused on the intrinsic strengths of the deal. We helped guide the client through the process and made sure our lender prioritized the in-place cash flow compared to previous fiscal years where the property experienced vacancy.”
Built in 1990, the three-building property is situated on 2.39 acres at 13911, 13931 and 13951 Carroll Way and is fully occupied by neighborhood retailers. The property is located at the 17th Street off-ramp of the 55 Freeway and provides monument signage on Carroll Way. It is within an infill location with a population of more than 590,000 people within a five-mile radius.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.