NEWPORT BEACH, CA – May 18, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $26.1 million in acquisition financing for The Lakes at West Covina, a two-building, 176,843-square-foot, Class A office campus in the City of West Covina in the San Gabriel Valley, east of Los Angeles.
HFF worked on behalf of the borrower, a partnership between Stillwater Investment Group, Greenlaw Partners and CrossHarbor Capital Partners to secure the acquisition financing through Suntrust Bank. The floating-rate loan has a three-year initial term and is non-recourse.
The Lakes at West Covina is located at 1000 and 1050 Lakes Drive in the central/eastern portion of Los Angeles County about five miles east of downtown Los Angeles. Situated on a 6.16-acre site the property has prominent freeway visibility located just south of the San Bernardino Freeway (10) and is adjacent to the Plaza West Covina Mall, the Lakes Entertainment Center, the Edwards West Covina Stadium 18 movie theatre as well as the Lennar Multifamily Communities mixed-use project currently underway. Renovated in 2004, The Lakes at West Covina is 78 percent leased to national and regional tenants including Wells Fargo Bank, the U.S. General Services Administration, Siemens Corporation, the State of California, Trilogy and Fresnius.
The HFF debt placement team representing the borrower was led by director Greg Brown and managing director James Fowler.
“HFF did an excellent job on representing our partnership in finding a number of quality debt options. They sourced a number of strong lenders for us and closing with Suntrust Bank will allow us to continue the positive leasing momentum at the project. This was the second transaction that HFF has represented my firm on and both times they delivered excellent results," said John Drachman, president of Stillwater Investment Group.
About Stillwater Investment Group, LLC
Stillwater Investment Group, LLC is an Orange County-based real estate firm focused on acquiring and managing core-plus and value-add office and industrial throughout California and Arizona. Stillwater Investment Group leverages its experience, relationships and market knowledge to acquire and manage select real estate opportunities that provide superior risk-adjusted returns for its investment partners. Stillwater Investment Group is led by its founder, John Drachman, and has completed more than $200 million in total investments since being formed in 2014. About Greenlaw Partners, LLC
Greenlaw Partners, LLC is an Irvine, California-based real estate investment, management and development company. Greenlaw currently manages a portfolio of approximately 6.5 million square feet with a value in excess of $1.5 billion. The company is focused on acquiring assets throughout selective markets in the Western United States.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC, based in Boston and with offices in Newport Beach, is an alternative investment management firm that invests in core-plus, value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in more than $12 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices and sovereign entities. For more information, visit www.crossharborcapital.com.
HFF Director, Marketing