CBRE Secures $43 Million in Refinancing for a Shopping Center in California

CBRE secured $43 million to refinance the El Paseo Shopping Center in South Gate, Calif.

CBRE's Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek secured the five-year, full-term, interest-only, non-recourse loan.

"The loan allows the borrower to pay off the existing lender while providing valuable tenant improvement dollars to the major tenants," said Mr. Ybarra, executive vice president at CBRE. "It also allows for the potential release of a portion of the collateral for future redevelopment."

The shopping center is located at 8634 Garfield Avenue. It features nearly 300,000 square feet of retail space, including national and regional tenants such as Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks, Union Bank, GNC, Panda Express, T-Mobile and Hooters.

Sperry Equities, a private real estate firm and Sperry Commercial, which provides property management services to Sperry Equities and third parties throughout the U.S., advised and will manage the Property.