PCCP has provided a $83.2 million loan on the 1.2 million sq ft super regional South Bay Pavilion mall in the Los Angeles area to a firm focusing in US shopping centers.
The real estate investment firm provided Vintage Real Estate with a three-year floating rate loan to continue the redevelopment, repositioning and expansion of the mall in Carson, California.
The HFF debt placement team led by managing director James Fowler represented the borrower.
The South Bay Pavilion is 95 percent leased with more than 60 tenants, while the borrower’s expansion plan includes adding several new fashion and restaurant tenants. The borrower acquired the property in July 2009 for reportedly $60 million.
“Vintage Real Estate has done an excellent job renovating South Bay Pavilion over the past few years, bringing a number of new tenants to the center, including Cinemark Theatre and several new restaurants and other specialty retailers,” Fowler said in a prepared statement.
The financing comes as Wells Fargo provided a $580 million loan to Douglas Emmitt Realty for the acquisition of a four-building office portfolio, also in LA-area.
PCCP focuses on commercial real estate debt and equity investments and has approximately $5.5 billion in assets under management on behalf of institutional investors.
Vintage Real Estate is a subsidiary of Vintage Capital Group that acquires and redevelops underperforming malls and large shopping centers throughout the United States.
The lender and borrower were not immediately available to comment.