ANAHEIM, CA-The nearly 440,000-sf Anaheim Garden Walk development is under way with $210 million of construction financing for the retail, restaurant, entertainment, parking, timeshares and hotels project, according to George Smith Partners. The Century City-based mortgage banking firm arranged the loan for a partnership of Excel Realty Holdings LLC and Pacific Coast Capital Partners LLC that is developing the project.

El Segundo-based Pacific Coast Capital Partners and San Diego-based Excel are developing the project on a 19.3-acre site approximately one-half mile east of Interstate 5, between Disneyland, Disney’s California Adventure theme park and a soon-to-be-built third theme park. According to Scott Bottles of George Smith Partners, who arranged the financing for borrower Anaheim GW LLC with assistance from GSP’s Gary Mozer and David Bierman, the project is approximately 60% preleased to a mix of national and local retailers, including Harley Davidson, Banana Republic, Kay Jewelers, Cheesecake Factory and PF Chang’s.

According to William Stone, a principal of Excel, the development represents a response to the “pent-up retail demand within the City of Anaheim.” The developers have noted in the past that the demand is coming both from city residents and from tourism, so the retail space is being designed to appeal to tourists as well as the city’s growing population.

As reported when the developers unveiled details of the project, the joint venture has committed approximately $30 million in equity financing to the development, with PCCP making its investment through the Southern California Smart Growth Fund. The fund is an institutional equity fund focused on low- and moderate-income census tracts throughout Southern California.

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