Moreno Valley, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot retail property anchored by a 99 Cents Store in the Inland Empire community of Moreno Valley, California.
Working on behalf of the borrower, a private investor, HFF placed the 10-year, 4.80-percent, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs. This was the borrower’s first loan with the bank.
In addition to the 99 Cent Store, Ironwood Plaza is home to a variety tenants, including Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Situated on 4.5 acres at 23900 Ironwood Avenue, the two-building retail center is located at the southeast corner of Ironwood Avenue and Heacock Street less than one mile from State Road 61 in the Riverside submarket. Ironwood Plaza is in Moreno Valley, which anticipates a 4.65 percent population growth over the next five years in the areas surrounding the property. Currently, there are more than 131,000 residents earning with an annual average household income of $64,674 located within a three-mile radius of the center.
The HFF debt placement team representing the borrower was led by director Jeff Sause.
