The one-year loan covered 87% of the total cost on anon-recourse basis, according to Leslie Lundin, a senior vicepresident with the Walnut Creek, Calif. office of Inland MortgageCorp., which arranged the financing. The property was less than 77%occupied at closing, according to Lundin, who says the borrowerplans to spend more than $1 million renovating the center.

Cadence Capital has signed Fiesta Foods and the 99 Cent OnlyStore to anchor the center. Fiesta Foods caters to the Hispanicpopulation, which is growing in Moreno Valley, Lundin notes. Hiscomment is borne out in the city's annual "Community ConditionsReport," which shows that besides growing in numbers, MorenoValley's population is changing in demographics.

The report says the largest increase in any ethnic group in thecity is in the Hispanic population, which has grown by 28,281 inthe past 10 years and now numbers more than 55,000. The populationgrowth in the Hispanic community is part of overall growth in thecity, which was once sparsely settled but became one of thenation's fastest-growing communities for a time during the1980s.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.