Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the debt and equity markets, click here.)

RENO, NV-Crow Canyon Commons Investors II LLC has landed a $24-million loan to finance its acquisition of the 320,000-sf Airport Square regional shopping center, according to Cohen Financial. Cohen arranged the financing for Canyon Commons, which is a newly formed single-asset, special purpose entity.

The Canyon Commons partners are Bill and Jerry Moison of Guardian Equity Growth LLC of Los Altos, CA along with John Mercer of JD Mercer and Co., based in Pleasanton, CA. Their new asset is anchored by a 149,448-sf Costco that was not a part of the acquisition, along with a Mors Furniture for Less, an Office Depot and a PetSmart. The property is at Harvard Way and East Plumb Lane, just west of Highway 395 and the Reno/Tahoe International Airport.

Cohen Financial’s San Francisco office director Robert Kincheloe, who originated this transaction, comments that the acquisition loan is structured at 67% of the purchase price. “It also is based on a 30-year amortization with five years of interest only,” Kincheloe adds.

The lender is a Wall Street conduit. Even though the property was 97% leased, it was only 77% occupied at the time of the loan closing because the PetSmart space is dark, according to Kincheloe. He says that the lender provided significant leverage, despite the dark PetSmart location, “because of the strong location and market, and excellent sponsorship.”

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.