News - 2006
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2006-033
RED Originates $24.5 Million Retail Financing
Red Mortgage Capital, Inc. Retains Loan Servicing
Encino Town Center
Encino, California
Columbus, OH, August 8, 2006 – Red Mortgage Capital, Inc. originated a $24,500,000 loan to refinance Encino Town Center, a prestigious regional shopping center in Encino, California. The loan was funded through Red’s private label CMBS program.
The property, which is located approximately 10 miles away from Hollywood and 20 minutes from downtown Los Angeles, is a highly regarded asset with nearly 140,000 square feet of space. It is one of the largest developments along Ventura Boulevard, a major East/West thoroughfare in the San Fernando Valley, and is considered to be the crown jewel of the Encino retail market. Its Life Center concept creates an ambience through landscaping, entertainment, and its premier location in the family-oriented community of Encino.
Red Mortgage Capital, Inc. was awarded the financing by the owning entity in a highly competitive environment involving many well known Wall Street name lenders. Red structured the transaction with aggressive pricing and several customizations to meet the borrower’s unique corporate structure. In addition, Red will service the loan until its maturity in ten years, thereby providing ongoing relationship management and front line customer service. The property is managed by Frank Nazarian of Parkford Properties. Eric Better of Woodland Hills-based Better Capital served as owner’s placement agent for this loan.
Eric H. Better, Principal/President of Originations of Better Capital said, "RED did an excellent job on the financing of Encino Town Center and went far beyond the call of duty on this transaction."
