Calmwater Capital Provides $12.3 Million Acquisition Financing for Retail Center in Metro Los Angeles

Rancho Palos Verdes, Calif. — Calmwater Capital has provided a $12.3 million loan for the acquisition and renovation of Western Plaza, a retail center located in Rancho Palos Verdes, roughly 30 miles outside Los Angeles. Tenants at the property include The Habit, California Fish Grill, Urbane Café and Mattress Firm. The buyer, West Hive, plans to demolish one of the three existing buildings at the center and construct a 3,000-square-foot outdoor patio to serve the food-and-beverage concepts at the property. Other planned renovations include improvements to storefronts and facades, new signage and landscaping and parking lot resurfacing. West Hive’s construction management arm, SCGWest, previously oversaw renovations and re-tenanting at the center on behalf of the seller. Michael Guterman of BWE arranged the three-year, non-recourse financing, and Jason Ehrenpreis of CBM1 represented both the buyer and seller in the sale.