New York Life Real Estate Investors has provided $59 million in first mortgage debt to refinance Pearl City Gateway, a 146,205 sq ft shopping center near Honolulu, Hawaii.
The 10-year, fixed-rate financing replaces the maturing debt on the retail center, which was developed in 2010 by the borrower and owner, Los Angeles-based Robertson Properties Group (RPG).
New York Life Real Estate Investors, which has more than $46 billion of assets under management, has announced a steady stream of originations in recent months. While the lender reportedly originated just $124 million in mortgages in Q1, recent deals have sometimes eclipsed that figure on a one-off basis.
The firm’s lending team did not respond to requests for comment. But in July they announced a $120 million loan on a 3.3 million sq ft industrial portfolio located in the Chicago, Cincinnati and Memphis metropolitan areas; in June it was a $228.1 million loan on a 10-property multifamily portfolio located in Georgia and Florida; and there were reports last month of a $225 million, 12-year mortgage loan for The Village at Corte Madera, a 460,000 sq ft regional mall located in Corte Madera, California.
Pearl City Gateway is located on the corner of Acacia Road and Kuala Street in Pearl City, an affluent suburban community 11 miles west of downtown Honolulu on the island of Oahu. The property is 100 percent leased to a variety of local and national retailers including Babies R Us, TJ Maxx, Petco, McDonalds, AT&T, Sprint, Domino’s, Subway and Supercuts.
“We continue to see liquidity in the capital markets for all kinds of retail assets, with well-located community centers like Pearl City Gateway receiving tremendous interest in the marketplace,” said Sonnenblick-Eichner Company principal David Sonnenblick, in a statement.
“We received a lot of interest from a wide variety of lenders including traditional banks, investment banks and insurance companies and we were able to leverage our client’s successful track record in Hawaii to secure very favorable terms,” added Elliot Eichner, also a principal at the firm.