Hanford, Calif. — Passco has arranged the refinance of Hanford Mall on behalf of its ownership.
Hanford, Calif. — Irvine, Calif.-based Passco Companies LLC has arranged the $25.5 million refinancing of Hanford Mall in Hanford, on behalf of its ownership, which consisted of 18 individual owners who held the mall in a tenant-in-common (TIC) structure. Passco negotiated the loan from Cantor Commercial Real Estate, and finalized documents that allowed the TIC ownership structure to be converted to a Delaware LLC to obtain the loan. The 10-year fixed-rate loan was completed in 19 calendar days from commitment to funding, according to Alan Clifton, Passco’s vice president of strategic investments. Closing the loan, which required documents be executed by all 18 individual owners, was complex and required “tremendous efforts of coordination and communication” by Passco’s team, said the company’s president, William Winn. Hanford Mall, a 483,214-square-foot regional mall in central California’s Kings County, is anchored by Sears, Kohl’s, JC Penney and Forever 21. The center was built in 1993 and expanded in 1999.