L.A. Mixed-Use Project Gets Recap
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The Ratkovich Co. has recapitalized The Alhambra, a 1 million-square-foot mixed-use development outside of The In addition, a $6.15 million loan was placed on the property's retail component, The Shops at The Alhambra, a 17,693-sf neighborhood center. The financing was arranged by Holliday Fenoglio Fowler LP, which also arranged the equity recap along with Grubb & Ellis. Three years ago, Connecticut General Life had purchased a stake in the property for $27.5 million. IStar Financial had provided $87 million in debt. The property at The Shops at The Alhambra is connected to the main campus by a pedestrian bridge. Retail tenants include Starbucks, Jamba Juice, Subway and Pick-Up Stix. Overall, the property is more than 95 percent leased. The new venture plans to add a residential component to the property. Plans call for more than 300 condominiums and townhouses, plus a state-of-the-art |
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