Loan secured to help refinance Simi Valley retail center
The Civic Center Plaza retail center, a 145,000-square-foot property sitting on 11.5 acres, in Simi Valley has secured a $26.05 million loan to refinance its maturing debt.
Secured by Gantry, the largest independent commercial mortgage banking firm in the U.S., and announced July 31, the retail center offers nearly 1,000 parking spaces and is home to tenants such as a recently renovated Regal IMAX Cinema, a new grocer set to open next year as well as nationally recognized food operators like Starbucks, Panda Express, and Carl’s Jr, two credit unions, and an Unleashed by Petco location.
Gantry’s Mark Ritchie, principal, and Austin Ridge, associate, with the firm’s Los Angeles production office, represented the borrower, a private real estate operator, according to the press release.
The three-year, non-recourse loan with variable rate and interest-only terms was provided by funds managed by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager, according to the press release.
“This is a high-quality retail center in a strong local submarket. The property faced a unique situation where the timing of a new grocer’s opening and other tenant lease maturities coincided with the existing loan’s maturity, creating a refinance challenge,” Ritchie said.
“Working closely with the existing lender (a Gantry correspondent insurance company) and sponsor, our Gantry team was able to negotiate a viable extension. Then, working with the sponsor as they resolved these timing issues, we engaged Fortress, a seasoned institutional lender with more than two decades of real estate financing experience, to underwrite an effective bridge solution for the extended maturity. This loan provides a clear path to stabilization and includes funding for future leasing and tenant improvement budgets.”
