Pole Capital USA, the U.S. division of a Singaporean real estate investment firm, has received $20 million in debt financing for its acquisition of Jamboree Promenade, a 56,878-square-foot shopping center located at 2626-2646 Dupont Drive in Irvine, California, according to a release from a representative of CBRE.
The property had been purchased earlier for $42.5 million all cash, and the debt financing was intended to recapitalize the site, according to the release, which does not name the seller. However, according to a Q2 report from Kidder Mathews, Pole purchased the property during that quarter from Porter and Doris Vaughan. (The sales price from the report, listed as $27.1 million, is incorrect, according to CBRE.)
Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra, and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the seven-year loan for the borrower, according to the statement. Moothart is quoted in the release as saying, “Jamboree Promenade sits in an irreplaceable location within the Airport area along the Jamboree Road corridor, which enabled us to attract debt capital from across the lending spectrum.”
The statement says the shopping center is 97 percent occupied and anchored by CorePower Yoga, The Melting Pot, and Daily Grill. CBRE reports that there are more than 250,000 employees and 18,000 businesses within a 3-mile radius of the property, which sits just off the I-405 freeway and directly across the street from a nine-story, 545,000-square-foot class-A office building owned by Trammell Crow.
Moothart goes on to say, “We were able to navigate through some lender concerns due to this being the sponsor’s first acquisition and financing in the United States.” He says CBRE was “able to deliver five years of interest-only debt from an institutional fiduciary fund manager at a very competitive sub-4.5 percent fixed rate with prepayment flexibility.”