Thousand Oaks Center Secures $10 Million Refi

A three-building retail and office park in Thousand Oaks has been refinanced, said Calabasas-based commercial real estate brokerage Marcus & Millichap Inc. The brokerage’s debt and equity arm, Institutional Property Advisors Capital Markets, has arranged $10.3 million in refinancing for Stone Creek Professional Offices, a 106,120-square-foot complex at 195, 275 and 325 E. Hillcrest Drive. The new deal has a 10-year term amortized over 30 years with a fixed, 4.32 percent interest rate and two years of interest-only debt. The park is owned by 501 Thousand Oaks/Sima Corp. of Santa Barbara, according to CoStar Realty Information Inc. Jake Roberts, senior vice president with IPA, and Anita Paryani Rice, vice president, arranged the loan. “The market for suburban office assets in Thousand Oaks can be a bit soft, and during the loan term, the property had a good amount of rollover,” Rice said. “Sourcing the right lender and mitigating risk were essential.”