Snyder-Led Group Sells Bella Terra Mall

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A group of investors led by L.A. developer Jerry Snyder is selling the 770,000-square-foot Bella Terra mall in Huntington Beach to a joint venture for $224 million.


The joint venture is made up of GMAC Institutional Advisors, which is providing $40 million in equity, and San Jose-based real estate investment group DJM Capital Partners.


GMAC Commercial Mortgage Corp. is providing $205 million in debt financing to the joint venture. GMAC spokeswoman Courtney Robinson said the loan amount includes additional funds that will be distributed back to the joint venture once construction is completed and the project is fully leased. She said the amount also contains “equity reserves” for the joint venture.


The JH Snyder Co. LLC-led group bought the enclosed mall, developed in the 1960s as the Huntington Beach Mall, and launched an ambitious project converting the property into an open-air “lifestyle” center, similar to the Grove.


The additions include a 20-screen Century Theatres, 700,000 square feet of retail space and several casual dining restaurants. After nearly two years of construction delays, the conversion is expected to be completed this winter.


Some of Snyder’s projects have included developing the West Hollywood Gateway shopping center, revamping the Museum Square building and developing the 1 million-square-foot Wilshire Courtyard buildings.


Snyder wasn’t available for comment. Messages left at DJM seeking comment weren’t immediately returned.

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