Lincoln Property Secures $65M Loan for a Prime LA Office and Retail Campus

The owner of Wateridge, a significant office and retail complex situated on Los Angeles’ Westside, has successfully obtained refinancing, as announced by JLL on Tuesday.

Loan Details and Tenancy

An affiliate of Lincoln Property Company has secured a five-year, fixed-rate loan amounting to $65 million from Deutsche Bank. The property, encompassing six buildings and totaling 583,580 square feet, boasts an 80 percent occupancy rate. Major tenants include Kaiser Health Foundation, the County of L.A., and Providence Health.

Property Overview

Wateridge, located at La Cienega Boulevard and West Slauson Avenue, was constructed between 1989 and 2005. The campus, sprawling over 21 acres, comprises three office buildings, a medical office, a 24-hour fitness facility, and a strip retail center. Notably, the asset last changed hands in June 2016 for $100 million, according to property records.

Representation in Securing Financing

JLL's capital markets team, led by Todd Sugimoto, Mark Wintner, and Chad Morgan, played a pivotal role in representing the borrower and securing the necessary funds for the refinancing.