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August 12, 2022
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FINANCING NEWS
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Ventura County Retail Center Lands $24 Mil Refi

5/25/22

Village at Moorpark, a 129k sf suburban retail center in the Ventura County city of Moorpark, was just refinanced by its private investor owner with a new loan for $24 mil. The refi was arranged by Gantry.

The property, located at 706-790 Los Angeles Ave, features a wide range of essential and destination retailers, including a recently opened Amazon Fresh, Dover Saddlery and other local, regional, and national tenants. Moorpark, an expanding suburban city serving the greater Los Angeles MSA, is expected to add 2,400 new units of housing in coming months. Current average household income in the city is $140,500.

Gantry’s Mark Ritchie and Austin Ridge secured the bridge financing for the borrower. Funding was provided by an investment management platform experienced in underwriting value add commercial real estate transactions. The loan features earn-out provisions with holdbacks tied to future performance milestones and extension options.

According to Gantry’s Ritchie, “With an ever-changing retail landscape, this financing shows there is competitive debt available for well-located retail properties with strong fundamentals, and solid business plans. In this instance, the property’s significant upside potential from recent leasing successes has developed a clear path to long-term stabilization. This bridge funding replaced the original acquisition financing with new capital focused on a continued leasing and improvement program.”




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