Pendulum, Affinius Get $113M Refi For Northridge Complex
Pendulum Property Partners and Affinius Capital locked down a $113M financing package for the Mix, a three-building, roughly 470K SF mixed-use complex in Northridge.
Rialto Capital provided the financing for the property at 8420-8440 and 8500 Balboa Blvd.
“Its scale, diversified tenancy and recent capital program create a resilient cash flow profile and a compelling long-term investment for Affinius Capital and Pendulum Property Partners,” Jonathan Firestone, co-president of Newmark's debt and structured finance team, said in a statement.
Firestone and his team at Newmark arranged the financing on behalf of the owner.
Pendulum and Affinius spent about $171M to acquire the complex in 2023. They have invested in upgrades to the property since then, including improvements to tenant space as well as converting office space at 8500 Balboa Blvd. to industrial, according to Commercial Observer.
Tenants at the space include Harman International, a Samsung subsidiary, bioscience company HemaCare and an undisclosed national investment-grade tenant, according to a Newmark release.
