Inglewood, Calif. — George Smith Partners has secured the $34 million refinancing of Crenshaw Imperial Plaza, a 305,000-square-foot mixed-use center located roughly 12 miles outside Los Angeles in Inglewood.
The property consists of 238,000 square feet of retail and a 67,000-square-foot office building. The financing will be used to fund renovations at the center and pay off an existing loan.
Renovations will include a complete facelift, the demolition of obsolete space, new signage and the conversion of ground floor office space into retail. The converted ground floor space will be home to tenants including Chipotle Mexican Grill, Five Guys and Ono Hawaiian BBQ.
Steve Bram, David Pascale and Ali Akbar of George Smith Partners secured the three-year, interest only financing on behalf of the borrower, NewMark Merrill Cos. The lender was undisclosed.