Updated Oct 29, 2024
Caruso Secures $450M Loan To Refinance Mixed-Use Property In Glendale, CA
889 Americana Way Glendale, CA 91210, USA
$450,000,000
$450/SF
Building Size
1,000,000 SF
Asset Type
Mixed-use
Closing
Jul 13, 2023
About this deal
AI
The Americana at Brand, a mixed-use property located at 889 Americana Way in Glendale, California, has secured a $450 million loan for refinancing the retail portion. The property spans 1,000,000 square feet and features high-profile tenants such as Apple and Gucci. It has maintained an impressive 98 percent occupancy rate between 2015 and 2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $450,000,000
- Address: 889 Americana Way, Glendale
- Market: Glendale
- Square Footage: 1,000,000
In order to refinance the retail portion of The Americana at Brand, Caruso has secured the loan from Morgan Stanley and Goldman Sachs. Rick Caruso, the landlord, played a key role in the transaction.
Players
Los Angeles Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93