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10/30/12
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Pearlmark Real Estate Partners and Pacific Equity Properties have obtained a $34.8 mil first mortgage refi loan on Village Walk, a 146k sf retail center in Tarzana. The new loan was originated by Ronnie Gul of Mesa West Capital.
Village Walk is a best-in-class retail center anchored by Whole Foods Market and TJMaxx. Other tenants include Starbucks, Chipotle, The Children's Place, Il Tramezzino, Yoga Works and Bleecker Street. The center, which was 74 percent occupied at closing, is also entitled for a 72-unit condominium and townhome development.
Developed from 2007-2009, the contemporary two-story retail complex features a natural stone and glass facade, with outdoor patios and large mezzanine terraces. The center benefits from nearly two full city blocks of frontage along heavily traveled Ventura Blvd between Reseda Blvd and Tampa Ave. The area has an estimated daily traffic count of 37,000 cars per day and the center offers 770 parking spaces in the form of both surface and subterranean parking.
According to Gul, the new financing provides the sponsorship with capital to refinance their existing loan and fund leasing costs to stabilize the center. “We're seeing improving fundamentals in infill retail pockets throughout Southern California and Village Walk has benefited from this trend, particularly given the property's superior quality and heavily trafficked location along Ventura Boulevard,” said Gul.
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