Yakima, Wash. — Gantry has secured a $10 million permanent loan for the refinancing of Nob Hill Shopping Center, a retail center located in Yakima. Safeway anchors the property, which comprises 88,500 square feet. Tony Kaufmann and Erinn Cooke of Gantry arranged the 30-year, fixed-rate financing through a life insurance company on behalf of the borrower.
Glendale, Calif. — Marcus & Millichap Capital Corp. has secured $11.2 million in refinancing for a single-tenant retail building located at 1000 S. Central Ave. in the Los Angeles suburb of Glendale. Joann, a fabric and crafts retail chain that recently declared bankruptcy, occupies the property. Ron Bayls of Marcus & Millichap Capital Corp. arranged the 10-year loan, which includes a 5.97 percent interest rate with a 30-year amortization and 50 percent loan-to-value ratio.
Philadelphia — PREIT Realty has completed a financial and corporate restructuring. This marks the company’s emergence from bankruptcy — it initially filed for Chapter 11 bankruptcy protection in December 2023, with the company’s creditors agreeing to a “prepackaged” bankruptcy. The Philadelphia-based company owns and operates malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina, in addition to properties in the multifamily, hotel and healthcare sectors. PREIT reduced its total debt by roughly $835 million through a previously announced reorganization plan and received commitments of approximately $130 …
South Gate, Calif. — CBRE has secured a $43 million loan for the refinancing of El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Tenants at the 300,000-square-foot retail center include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE arranged the five-year, full-term interest-only, nonrecourse financing on behalf of the undisclosed borrower.
Glen Burnie, Md. — JLL has secured a $22 million loan for the refinancing of Arundel Plaza, a 282,039-square-foot shopping center located in Glen Burnie, a southern suburb of Baltimore. Michael Klein, Jon Mikula, Evan Parker and John Cumming of JLL arranged the five-year, fixed-rate financing through a life insurance company on behalf of the Singapore-based borrower, United Hampshire U.S. REIT. Arundel Plaza was fully leased at the time of financing to tenants including Lowe’s Home Improvement, Giant Food, Jersey Mike’s, FedEx, Hook & Reel, Panda Express and Chipotle Mexican Grill. …
Hudson, Ohio — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process …
San Ramon, Calif. — PSRS has secured a $3.7 million loan for the permanent financing of Pointe West Plaza, a retail property located in San Ramon. The property is a 16,921-square-foot building leased to tenants including a billiards venue, salon, bistro and Chinese restaurant. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year financing, which features a 25-year amortization schedule, through a correspondent life insurance company. The firm previously arranged bridge acquisition financing for the property.
Malibu, Calif. — Pacific Equity Partners has received $135 million in financing for Cross Creek Ranch, a 122,324-square-foot mixed-used property in Malibu. The property features 71,605 square feet of retail space and 50,719 square feet of creative office space. Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets secured the five-year loan through Torchlight Investors on behalf of …
Phoenix — JLL Capital Markets has secured a $5.3 million loan for the refinancing of Camelback East Shops, a 25,129-square-foot retail center located in Phoenix. Tenants at the property include Tarbell’s, First Watch and Van’s Golf Shops. Will Haass and Eric Tupler of JLL arranged the fixed-rate financing on behalf of the borrower, MDC Realty Advisors, through a life insurance company.
Los Angeles — PSRS has arranged a $13.2 million loan for the refinancing of Wilmington Plaza, a 64,222-square-foot retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse financing, which features a five-year term, 30-year amortization and cash-out proceeds, through a life insurance company. Tenants at the property include Northgate Gonzalez Market, CVS/pharmacy and Chase Bank.
