FOR IMMEDIATE RELEASE
Contact: Lauren Smith
IDEA HALL
(714) 436-0855 ext. 23
lauren@ideahall.com

 

Buchanan Street Partners Structures Two More Financing Packages for Centers Dynamic

• Centers Dynamic acquires grocery-anchored retail center in Fresno, CA
• Buchanan Street Partners completes eighth deal with Centers Dynamic

Newport Beach, CA (August 21, 2006) - Buchanan Street Partners, a national real estate investment bank, recently advised Centers Dynamic on two transactions involving grocery anchored retail centers. These included a $13.5 million bridge loan for the purchase of Ashlan Park Shopping Center and a $9.8 million refinancing permanent loan for Crossroads Shopping Center. Ashlan center is located in Fresno, and Crossroads is located in Fremont, California.

 

"Lenders are getting extremely aggressive on loan terms, particularly for anchored retail acquisitions," said Jed Gates, vice president of Debt & Structured Finance in BSP's San Francisco office. "The non-recourse loan for Ashlan Park provided our Client with 80 percent of purchase price and 100 percent of future repositioning costs and was attractively priced at Libor plus 215 bps with barely breakeven debt service coverage at closing."

 

Centers Dynamic manages 14 retail centers throughout California. The Ashlan acquisition and Crossroads refinancing are the seventh and eighth transactions that Buchanan Street Partners has completed for Centers Dynamic.

 

About Buchanan Street…

Buchanan Street Partners is a real estate investment bank that provides real estate capital for owners and developers. The firm makes principal equity investments for real estate in a discretionary capacity, arranges debt and structured finance, is an investment manager to institutional and private investors, offers investment sale brokerage services, and has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago and Atlanta.

 

About Centers Dynamic…

Founded in 1996, Centers Dynamic is a real estate firm that focuses on neighborhood shopping center management, acquisitions and development. The company's portfolio contains approximately one million square feet of neighborhood shopping centers. Centers Dynamic concentrates its business in Northern and Southern California retail markets.