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The Abbey Company Secures $229M Refi on 27-Property Retail Portfolio

Sklar Kirsh Arranges Financing Deal to Recapitalize on Existing $309M Bridge Loan
March 1, 2018
The Abbey Company, a privately-held real estate investment and management firm, secured $229.3 million in bridge financing to recapitalize its 27-property retail portfolio spread across Southern California.

Los Angeles-based corporate and real estate law firm Sklar Kirsh LLP arranged the loan on behalf of the borrower, placing the financing package with Citi Real Estate Lending and Barclay's Bank.

"This was a very complex loan with a lot of moving parts," said Mark Nicoletti, a partner in Sklar Kirsh’s real estate finance group and lead counsel on the financing. "There are quite a number of issues to contend with when negotiating a loan of this size with so many properties in the collateral pool; but we were able to work with lender’s counsel to address the issues quickly and to the satisfaction of all parties."

Loan proceeds will be used, in part, to refinance the outstanding principal balance of an existing $309 million bridge load held by an affiliate of Prime Finance.

The assets securing the loan total approximately 2.1 million square feet in Los Angeles, Orange, Riverside, San Bernardino, Fresno and Kern Counties.

"This was a great transaction for our client, especially given where interest rates are heading," concluded Andrew Kirsh, co-founding partner and chair of the real estate practice.

Other members of the Sklar Kirsh legal team included attorneys Serineh Baghdasarian and William Walker, and paralegal Lola Peters.

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