WALNUT CREEK, CA-Doerken Properties Inc. has refinanced the Citrus Marketplace retail center here, according to principal and managing director, Gary Mozer of commercial real estate banking firm, George Smith Partners, which arranged the $19.7-million loan. Mozer was assisted by senior vice president, Steve Orchard; senior vice president, Josh Roseman and vice president, Michelle Lee.
Citrus Marketplace is a 101,000-square-foot grocery-anchored, retail center. The center’s tenants include Nob Hill Foods, BevMo!, Bank of America, the US Post Office, Panda Express and Carl’s Jr.
“This property is well-located in the affluent Walnut Creek community, is anchored by a strong regional grocer, and has enjoyed historic occupancy over 96%, making it an ideal candidate for debt financing through the emergent CMBS market,” says Mozer. “Regardless, we had to work hard to defend our financing proposal.”
He points out that “the structure included a significant cash-out for the borrower, and recent sales for the grocer were flat. GSP and Doerken reassured the lender with in-depth market research, detailed analysis of the anchor’s year-over-year sales, strong performance history for the overall property through the recent market downturn, and Doerken’s operating expertise.”
The 10-year CMBS loan closed with a 5.69% rate, 30-year amortization, 70% loan-to-value and a sub-10% debt yield. Prepayment was based on yield maintenance at no additional cost. In addition, the loan was structured with minimal reserves.
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