$162 Maxxam Refinancing Funds New Deals

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BEVERLY HILLS, CA-Maxxam Enterprises has arranged $162 million in refinancing for three of the privately held company’s premier assets and plans to use the proceeds for a variety of purposes, including upgrades to existing properties and investments in new acquisitions. The refinancing package, arranged by Bob Safai of Los Angeles-based Madison Partners, includes a $60 million loan for Janss Marketplace Shopping Center in Thousand Oaks, a $55.1 million loan for the Promenade Gateway in Santa Monica and $47 million for the Beverly Hills Gateway Tower in Beverly Hills.

Each of the three is a 10-year fixed-rate loan provided by Countrywide at what is described as a very competitive rate. Beverly Hills-based Maxxam plans to use most of the funds to acquire new properties as it aggressively seeks new deals.

Janss Marketplace is a family-oriented, 455,000-sf open-air entertainment shopping center serving the upscale community of Thousand Oaks. It is anchored by a Mann’s multiplex theater along with a roster of national and regional tenants.

Originally built in the 1960′s, Janss Marketplace is currently undergoing an extensive renovation, including the recent completion of an interactive fountain at a cost of nearly $1 million. In addition to Mann’s, tenants include Toys R Us, Gold’s Gym, Linens n’ Things, Old Navy, Mervyn’s, Marshalls, Rite Aid, TGI Friday’s, and Shoe Pavilion.

The Promenade Gateway is a 125,000-sf residential, retail and office development that was built in the late 1980s and is also known as Janss Court. It is the largest mixed-use development on the Third Street Promenade.

The ground floor of the seven-story mixed-use project is home to the Broadway Deli, clothing retailers and a multiplex theater. Above the retail component are three levels of office space, including tenants such as Morgan Stanley, topped by three additional levels of luxury apartments.

The 131,000-sf Beverly Hills Gateway Tower, a class A office building at 9777 Wilshire Blvd. in the Beverly Hills Golden Triangle, was formerly known as the Comerica Tower. Maxxam recently completed exterior upgrades to the 10-story building and is undertaking an extensive interior remodeling of the property, which is home to numerous financial, entertainment and professional service firms.

Maxxam specializes in the acquisition of value-added opportunities as well as the development and repositioning of unique assets. The company’s portfolio comprises premier retail, office, hotel, industrial, residential and mixed-use properties throughout California, Hawaii and the Western US.