$71M for Monrovia Retail Center
Investment real estate services firm Lucescu Realty arranged $71M for The Fesitval Cos' Huntington Oaks Center, a 329k SF community shopping center in Monrovia. The BofA financing, consisting of a $60.5M senior mortgage and a $10.5M mezz loan, replaces a $51M mortgage from Wachovia Bank. Kohl’s, Trader Joe’s, Toys ‘R’ Us, Marshalls and Bed Bath & Beyond anchor the center. Lucescu president Mark Lucescu says Huntington Oaks was built 28 years ago and still dominates its affluent community—the Pasadena/Arcadia/Monrovia submarket leads LA in lease rates and occupancy levels, with an average household income within a three-mile radius of nearly $101k, he says.