DPI Completes Three Refinance Transactions in 2014

In December, 2014, DPI completed a cash-out refinance of El Dorado Center, located in the heart of the Rossmoor/Los Alamitos trade area in Long Beach, California. The center is anchored by TJ Maxx and Dollar Tree, and is accompanied by a number of retail and service tenants serving the adjacent community. Acquired by DPI in 2004, the property has undergone significant physical upgrades, strengthening the property’s tenant mix over the past ten years. DPI was able to execute its original business plan for the center, significantly increasing operating income, resulting in major increases to net cash flow and property value.

For leasing information please click here.

Loan Summary:

Lender Type:  CMBS
Recourse:  None
Term:  Ten Years
Prepayment Penalty:  Defeasance

In June, DPI secured bridge financing for Zinfandel Crossings, a 91,440 square foot, 84% occupied neighborhood center located in the epicenter of Rancho Cordova’s retail hub. The center is anchored by 99 Cents Only and successful regional operator Fitness Evolution Health Club, which is opening a new club in September 2014. DPI purchased the center in 2002 and has completed a number of physical upgrades since acquisition. Additional upgrades are planned in 2014 to meet market demand, including the major remodel of a pad building and the consolidation of four small shops into a junior anchor suite. Prospective tenants will join a mix of community-serving uses including a highly-successful Chipotle and Sensei Sushi.

For leasing information please click here.

Loan Summary:

Lender Type:  Balance Sheet
Recourse:  Limited
Term:  2 Years with Three One-Year Extensions
Amortization:  Interest Only for 24 Months
Prepayment Penalty:  None

Additionally in June, DPI completed a cash-out permanent refinance of White Road Plaza. This center, one of East San Jose’s dominant grocery-anchored centers, is 97% occupied and is located at the highly-trafficked intersection of Story and White Roads. White Road Plaza is anchored by a high-volume Mi Pueblo Foods, Rite Aid and dd’s Discounts, and boasts a strong mix of community-serving retail, casual food and service uses. DPI acquired the stable property in 2004 and has since significantly increased operating income and upgraded the overall tenant profile, resulting in significant cash flow appreciation.

For leasing information please click here.

Loan Summary:

Lender Type:  CMBS
Recourse:  None
Term:  10 Years
Amortization:  Interest Only for Five Years, 30 Years Thereafter
Prepayment Penalty:  Defeasance

Transactions were brokered by George Smith Partners.

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