COSTA MESA, Calif.--(BUSINESS WIRE)--Donahue Schriber Realty Group, a West Coast owner, operator, and developer of neighborhood, community, and power shopping centers, closed two financing transactions totaling $63 million prior to year end 2013. These newest financings come on the heels of the $1.1 billion in financings the company closed in November, 2013.
The most recent financings include a $56 million construction loan for Rocklin Commons and a $7 million interim land loan for Rocklin Crossings, Donahue Schriber’s two ground-up retail development projects in Rocklin, Calif.
Walmart Supercenter opened last November at Rocklin Crossings, a 500,000 square foot center located off of I-80 and Sierra College Boulevard. This March, Target will open across I-80 at Rocklin Commons, a 360,000 square foot center.
The financings were provided by Union Bank on a variable rate basis. The bank required fair pre-leasing requirements against modest advance rates. Pricing was below Libor +2.00%.
“We were active in the capital markets throughout 2013 and to close out the year with these transactions puts us in a very enviable position as we start 2014,” said Donahue Schriber Chairman and CEO Patrick Donahue. “We have a long history with Union Bank and are thrilled they were able to meet our timelines and help us take advantage of an improving economy.”
Dave Mossman, Donahue Schriber’s chief investment officer, commended Union Bank for their commitment to meet important deadlines, recognizing banks and borrowers are now looking forward to new opportunities to meet the growing demand of customers and tenants alike.
“We purchased the land for these centers prior to the economic downturn but knew all along this would be a fantastic location for the scale of projects planned,” Mossman said. “To have the blue-chip tenants like we have already secured and several more in serious discussions, only strengthens our position with these assets. We are excited to bring a first-class retail destination to the City of Rocklin,” he said.
In both transactions, Donahue Schriber Realty Group was advised by Craig Zarro of Preferred Capital Advisors, based in Sacramento.
About Donahue Schriber
Named one of Orange County Business Journal’s “Top Private Companies” in 2013, Donahue Schriber is a private Real Estate Investment Trust (REIT) operating on the West Coast. The company owns and operates a portfolio of 74 neighborhood, community, and power shopping centers representing more than 12 million square feet throughout California, Arizona, Nevada, Oregon, and Washington. For more information, visit http://www.donahueschriber.com.