### Grocery-Anchored LA Center Secures $32M Financing
JLL Capital Markets has secured a $32 million senior financing deal for Crenshaw Plaza, a 146,901-square-foot grocery-anchored retail center in Los Angeles. JLL represented the borrower, a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate, in arranging the three-year, floating-rate loan through Forbright Bank.
The JLL Capital Markets Debt Advisory team representing the borrower included director Spencer Bergthold, senior managing director Charles Halladay, and associate Daniel Skerrett. The loan proceeds will be used to refinance the existing loan, cover closing costs, and fund future leasing expenses.
Crenshaw Plaza is located at 3210 W Slauson Ave., at the intersection of West Slauson Avenue and Crenshaw Boulevard, an area with a combined traffic volume exceeding 72,000 vehicles per day. The property is also adjacent to the Hyde Park Station on the new Metro Rail System. Originally built in 1967 and renovated in 2004, Crenshaw Plaza is currently 97% leased.
