RCB Equities Secures $115M Loan From Hankey Capital For Puente Hills Mall Redevelopment
1600 South Azusa Avenue
$115,000,000
$115/SF
Building Size
1,000,000 SF
Asset Type
Retail
Closing
Aug 29, 2024
AI
The property asset involved in this transaction is a 1,000,000 square foot retail space located at 1600 South Azusa Avenue in the City of Industry. The acquisition is financed through a loan amounting to $115,000,000 with a three-year floating-rate loan term from Hankey Capital.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $115,000,000
- Lender: Hankey Capital
- Landlord: RCB Equities
- Real Estate Development Associate: Jason Krotts - Real Estate Development Associates (REDA)
- Broker: Mark Wintner - JLL
- Loan Type: Acquisition
- Loan Terms: three-year, floating-rate
RCB Equities and Real Estate Development Associates (REDA) are undertaking the acquisition and redevelopment of the Puente Hills Mall, a site with historical significance as a filming location for "Back to the Future." The joint venture aims to revitalize the nearly vacant mall into a modern business hub.
Players
City of Industry Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93