HFF secures $7.1 million acquisition financing for mixed-use project in Riverside, California
IRVINE, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $7.1 million in acquisition financing for Mission Lakes Center, an 81,975-square-foot, multi-tenant office project and freestanding restaurant in Riverside, California.
Working on behalf of Stillwater Investment Group, LLC, HFF placed the five-year, fixed-rate loan that includes a flexible prepayment structure with a major life insurance company lender. HFF is also servicing the loan.
Mission Lakes Center is located at 3600 Lime and 3397 Mission Avenue across from the Riverside Art Museum. The two-story building is one block east of the historic Mission Inn in downtown Riverside and benefits from its close proximity to the city and county administrative buildings and municipal and federal courts. The 80-percent-occupied project has 74,662 square feet of office space leased to tenants including Riverside County, Athena Research and First Legal Services, in addition to 7,313 square feet of freestanding retail space fully occupied by Heroes Restaurant & Brewery.
The HFF debt placement team representing the borrower was led by associate director Greg Brown.
“After being able to secure this property off-market, the HFF team worked diligently and efficiently to help us identify and secure a great lender,” said John Drachman, president of Stillwater Investment Group. “Both parties moved extremely quickly under a tight time frame to help us execute this transaction. Stillwater Investment Group looks forward to working on future transactions with HFF and our lender.”
“As a result of a strong relationship with the lender, HFF was able to move quickly to secure a favorable financing structure,” Brown said. “This will allow our client to execute their business plan of improving the exterior of the buildings and common areas, maintain tenant relationships and execute new leases for vacant space.”
About Stillwater Investment Group, LLC
Stillwater Investment Group, LLC is an Orange County-based real estate firm focused on acquiring and managing core-plus and value-add office and industrial throughout California and Arizona. Stillwater Investment Group leverages its experience, relationships and market knowledge to acquire and manage select real estate opportunities that provide superior risk-adjusted returns for its investment partners. Stillwater Investment Group is led by its founder, John Drachman, and has completed more than $30 million in total investments since being formed in 2014.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.