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10/30/17
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Rich Development Enterprises LLC has obtained a new $24 mil loan on The Trading Post shopping center, a 127.8k sf, revitalized multi-tenant retail property in Clovis, CA, completing the firm’s turnaround project for the asset. The new financing was arranged by Walker & Dunlop, who previously arranged a construction line of credit to fund the property’s acquisition, rehab, and tenant improvements.
Rich Development acquired the property over two years ago, at which time the shopping center was only 20% occupied with two unanchored spaces. The borrower has since renovated, expanded, and revitalized The Trading Post Shopping Center.
The Trading Post, located at the southeast quadrant of Herndon and North Clovis Aves, about 10 miles northeast of Fresno, is now at 95% occupancy, with many national and regional credit tenants. The center is occupied by well-known tenants like Sprouts Farmer’s Market, Ross, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious, Union Bank, and many others.
Walker & Dunlop’s Jeff Hudson, along with Riley Manke and Andrew Westling, arranged the new 10-year financing. Hudson previoulsy arranged a construction line of credit to fund the property’s acquisition, rehab, and tenant improvements for this borrower. According to Hudson, they were able to successfully negotiate with the existing lender to convert the floating rate construction loan to a fixed rate, permanent loan without requiring updated third-party reports.
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