Westwood Financial, a Los Angeles-based investment and management firm specializing in grocery-anchored shopping centers, has closed on a $70 million syndicated term loan. The loan, co-led by KeyBanc and Capital One with additional funding from Synovus Financial, is part of the firm’s unsecured credit facility, which now totals $325 million. This financing, which includes $210 million in term loans and a $115 million revolving credit line, will support Westwood’s financial strategy and position the company for future growth opportunities, according to a report in the Commercial Observer.
Westwood Financial’s CFO, Juyuan Wei, emphasized the significance of this transaction: “In a time when access to capital resources has become scarce, we have demonstrated a track record of success that has allowed us to deepen relationships with key lenders. The cost savings and operational efficiencies of this funding will strengthen our balance sheet and give way to strategic opportunities.”
The firm, which owns and manages over 125 grocery-anchored properties across the Sun Belt and Southern California, plans to continue raising debt as secured mortgages within its portfolio mature over the next three years. With a 97 percent occupancy rate across its properties, Westwood Financial remains well-positioned to leverage the stability and cash flow generated by its portfolio.
Westwood’s grocery-anchored shopping centers, including notable properties such as Belmont Shopping Center in Long Beach, Magnolia/Vineland in North Hollywood, Olympiad Plaza in Mission Viejo, and Plaza del Rio in San Juan Capistrano, have proven to be a dependable asset class. Even during the disruptions of the COVID-19 pandemic, these properties displayed remarkable resilience, a trend that has only strengthened post-pandemic.
Mark Bratt, CEO of Westwood Financial, previously highlighted the sector’s robust rent growth and cash flow, affirming its continued appeal to investors.
With a 54-year legacy and a clear strategy for optimizing its financial structure, Westwood Financial is not only navigating today’s constrained capital markets but also positioning itself for long-term growth. The additional capital will enable the firm to pursue strategic investments and maintain its reputation as a leader in the grocery-anchored retail sector.
