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RCB Equities Secures $115M Loan From Hankey Capital For Puente Hills Mall Redevelopment

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FINANCED
$115,000,000

California

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Retail1,000,000 SF
Financed 08/29/2024
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Property Image
FINANCED

RCB Equities Secures $115M Loan From Hankey Capital For Puente Hills Mall Redevelopment

1600 South Azusa Avenue

See Similar Deals
Retail1,000,000 SF
Financed 08/29/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$115
Total Square Footage:1,000,000 SF
Transaction Type:Loan

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

Mark Wintner
JLL
Mark Wintner
9 deals$580.7M volume(310) 407-2118
BROKER
Hankey Capital
Hankey Capital
LENDER

Details

FINANCED
IMAGE: Jason Krotts & Mark Wintner DATE: 08/29/2024 ADDRESS: 1600 South Azusa Avenue MARKET: City of Industry ASSET TYPE: Retail ~ SF: 1,000,000 LENDER: Hankey Capital LANDLORD: RCB Equities; Jason Krotts - Real Estate Development Associates (REDA) (@REDA_LLC) BROKER: Mark Wintner - JLL (@JLL) LOAN AMOUNT: $115,000,000 LOAN TYPE: Acquisition LOAN TERMS: three-year, floating-rate NOTE: RCB Equities and REDA scored a $115M, three-year floating-rate loan from Hankey Capital to acquire and redevelop the 1M-square-foot Puente Hills Mall, a former "Back to the Future" filming site. Once bustling, the mall's now nearly vacant, and the JV aims to revitalize it into a modern business hub.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$115,000,000.00

Monthly NOI$766,666.67
Monthly Debt Service$726,878.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00