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1/29/16
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Coast Income Properties has obtained a $65 mil refi loan for The Village at Pacific Highlands Ranch, a 147.7k sf retail center in the master-planned Pacific Highlands Ranch community of San Diego.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE Capital Markets’ Debt & Structured Finance team secured the 11-year, fixed-rate loan to take out the existing construction loan. CBRE’s Reg Kobzi and Carrie Bobb lease the retail center, and CBRE also manages the property.
“Given the exceptional location and initial lease-up of the property, we were able to structure a permanent loan with a life company before the property was fully stabilized. This enabled the borrower to fix the interest rate and terms for what will be a long term hold for the partnership,” said Peterson.
Completed in 2015, The Village at Pacific Highlands Ranch is a Class A retail project with national tenants including Trader Joe’s, Starbucks, Panera Bread, Crunch Fitness, and Wells Fargo. The center also boasts local favorites such as Baked Bear, Mabel’s, Vitality Tap, Urban Girl, Overload and TRE, and will include a new restaurant concept from Pascal Lorange—former executive chef of Fig & Olive—called Crudo.
Pacific Highlands Ranch is a highly-desirable mixed-use community that will feature premier retail, a community library, a regional park and multi-family units. The intersection and entrance to the center, located at Del Mar Heights Road and Carmel Valley Road, will be the hub of the community once the residential component is completed.
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