DJM Refinances Retail Portfolio for $60 million

LOS ANGELES—DJM Capital Partners Inc. has gained $60 million in mezzanine loans for the refinance of a four-property retail portfolio in Southern California.

The properties are in Lakewood, Torrance, La Habra and Ventura. The portfolio, totaling 962,000 sq. ft., is 96 percent leased. Three of the four are anchored by grocery stores.

DJM acquired the portfolio in 2003 and 2004 and has managed it since that time with historical occupancy since 2005 averaging in excess of 96 percent, according to HFF, which completed the placement of the financing. The HFF team was led by managing director Bryan Ley along with director John Crump, senior managing director Michael Leggett and managing director Peter Smyslowski.

The mezzanine proceeds were used to recapitalize the portfolio with some funds distributed to long-term, existing investors, while principals of DJM maintained significant equity positions in the portfolio going forward. While maintaining day-to-day management responsibilities of the properties, additional proceeds from the transaction will be used to acquire additional retail centers throughout California in 2013.

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